LANSING, Mich. — State Sen. John Damoose on Friday applauded the Michigan Economic Development Corporation’s announcement that a Petoskey economic development project has been selected for grant funding.
“I’ve been advocating for this project to come together since my time in the state House and am thrilled that the project is advancing to the next phase,” said Damoose, R-Harbor Springs. “This development will address the need for more housing in Petoskey, while also supporting further community growth and economic development.”
The Michigan Strategic Fund approved the redevelopment of obsolete buildings in Petoskey’s historic Gaslight District and to bring additional housing to the area and improve walkability and access to downtown businesses.
The 316 Lake St. revitalization project will redevelop two vacant out-of-use buildings downtown and replace them with two commercial spaces and six residential units. The project will also eliminate blight conditions and the buildings will be improved with facade renovations to match the surrounding character of the Gaslight District.
The project is expected to generate a total capital investment of $3.6 million and create six full-time equivalent jobs, and is supported by a $1.45 million Michigan Community Revitalization Program performance-based grant.
“I join local residents in excitement as we watch the pieces for this critical project come together,” Damoose said. “This was a tremendous effort between state and local officials, and I anxiously await the completed renovations.”
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