TNZT – The downtown building of Huntington Bank, the tallest building in Saginaw, has stood in Washington and East Genesee since 1925.
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The developers want to turn the 170,000 square foot building into a 120 unit apartment complex with retail space.
Saginaw City Council members voted Monday night to help make this a reality.
They voted in favor of designating the site as an obsolete real estate rehabilitation district. This would create tax advantages for a project that is expected to cost $45 million.
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Future Saginaw Vice President Tom Miller said it was a necessary step to make the transformation financially viable.
“It is essential that we mobilize all of these things together at the same time, so we are pursuing the OPRA [obsolete property rehabilitation act], Brownfield Incentives, as well as state incentives,” Miller said. “All of these things need to move in concert as the Michigan Community Capital group continues to seek all the funding necessary to complete the project.”
Miller said the project would be more complicated and expensive than transformations of neighboring Bancroft and Eddy buildings, which cost about $8 million for the same number of units.
He said if all goes as planned, the apartments would be ready to move in by May 2025.
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