(04/14/14) - As rehabilitation of two downtown Saginaw buildings continues,
developers got some good financial news on Monday.
The state has awarded a grant for the continued development of the Bancroft and Eddy Luxury Apartments.
The Eddy part of the project is already open, but the Bancroft apartments are still being worked on.
This re-development has been costly, but the Michigan Economic Development Corporation says the project is important to the area. That's why it's chipping in some money.
"A lot of these old buildings need that extra oomph to get the project going," said Nate Scramlin, of the Michigan Development Economic Corporation.
That oomph comes in the form of a $1 million grant from the Michigan Development Economic Corporation to Bancroft Project Saginaw.
Carol Bodnar, of Lakeshore Management from Cleveland, Ohio, is the project developer. The rehabilitation of the two buildings, both more than 100 years old, has been expensive.
"We were figuring about a $4 million project, we are up to $6 million right now. It's worth it, it's worth it, but we could have never done it without the state helping with the grant," Bodnar said.
Scramlin says the MEDC grant will be disbursed when the project is complete.
"This project was right in our wheelhouse," he said. "We are adding a 155 units to downtown Saginaw, so what that can do to potential business growth for other businesses in the downtown area, we are excited to see."
Bodnar hopes the Bancroft will open for its first tenants in mid-May. There are 120 apartments and a parking lot will be built.
The Eddy portion of the project is nearly complete and half of its 30 units have been rented out. Rates will be between $600-800.
Beth Ernat, of the Downtown Development Authority. says the added cost of the project is not a concern, and once it is done, she expects other businesses to open nearby.
"The momentum hasn't stopped for the last year," she said.
That momentum could continue on Tuesday. That's when Delta College Trustees are expected to vote on the location for a new Saginaw area campus.
Delta's administrative staff has already recommended downtown Saginaw.
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