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Commission approves Brownfield amendment for Lakeview Lofts Phase 2, adds 64 apartments
Summary
The Muskegon City Commission approved a brownfield plan amendment tied to the Lakeview Lofts (Phase 2) downtown development. The companion building would add 64 apartments and first-floor retail; the brownfield plan identifies about $6.54 million in eligible reimbursements and includes affordability conditions and a prior $5 million MEDC grant.
The Muskegon City Commission approved an amendment to the city’s brownfield plan to support Lakeview Lofts Phase 2, a downtown companion building to the existing Lakeview Lofts project that will add 64 apartments and ground-floor retail.
Staff report: Jake Eckholm, the city’s director of development services, told the commission the amendment reflects the Brownfield Redevelopment Authority’s unanimous approval earlier the same day. Eckholm said the plan identifies roughly $6,540,000 in eligible activities over the life of the plan (about 30 years), administrative costs of about $385,000, and five years of capture for a revolving fund of up to $2,150,000. The project also has a $5,000,000 redevelopment incentive grant from the Michigan Economic Development Corporation (MEDC) attached, Eckholm said. Site-plan review is complete and the developer hopes to begin construction in September or October.
Affordability component: Eckholm said the plan includes a housing TIF component that will restrict 50% of units to households at 120% of area median income (AMI) or below for the life of the brownfield capture.
Vote: The commission closed the public hearing and approved the brownfield plan amendment by roll call; Commissioners Kilgo (yes), Keener (yes), German (yes), Gorman (yes), Koshin/Cochin (yes) and Vice Mayor St. Clair (yes) recorded affirmative votes and the motion passed unanimously.
Context and next steps: The amendment allows the Brownfield Redevelopment Authority to capture eligible taxes and reimburse certain site and environmental activities, consistent with brownfield financing rules. City staff said final financing remains to be completed and construction is targeted to begin in the fall pending those arrangements.
