LANSING, MI -- The old YMCA site in downtown Lansing has been vacant for more than a decade, but state incentives breathed new life into a plan to convert the building to apartments and retail space today.
Metro Place is the name of a new, $20 million mixed-use development slated to go into the YMCA space. It will be a four-story structure containing 156 apartments and more 7,425 square feet of commercial and retail space. In total, the 301 W. Lenawee development will be 99,337 square feet.
The YMCA building has been vacant since 2003, succumbing to graffiti and broken windows. In 2008, the Lawton Group acquired the space. Today, the Michigan Economic Development Corporation's Michigan Strategic Fund board approved a $3 million loan to help finance the project.
"It's been a long and winding road to get this project off the ground, and I couldn't be more pleased and thankful for the perseverance of the Lawton Group in making it happen," said Lansing Mayor Virg Bernero. "Metro Place will be a terrific addition to downtown Lansing's residential options and add even more vibrancy to our urban core by attracting new residents to live in the heart of the city."
In total the project is going to be financed with $13 million private dollars, the $3 million MEDC loan and more than $500,000 for environmental remediation from the Lansing Brownfield Redevelopment Authority. The $13 million in financing comes from Prudential Huntoon Paige and is guaranteed by the U.S. Department of Housing and Urban Development.
"We are thrilled to finally bring this project to fruition after years of hard work and considerable expense," said Lawton Group representative Dan Essa. "We are grateful to Mayor Bernero and his economic development team for sticking with us through the rough economy of the last few years so we could overcome the obstacles and get Metro Place underway."
The apartments are projected to rent for $1.48 per square foot. With 156 apartments occupying 91,912 square feet, that works out to about $872 per apartment if the space is divided euqally.
After purchasing the building in 2008, the company shelved redevelopment plans during the recession, including the Reutter Park Place plan.
The old YMCA building will be demolished in the Spring of 2015, and the new building is anticipated to be completed in Spring of 2016.
The MEDC projects the development will create 25 jobs.
Emily Lawler is a Capitol/Lansing business reporter for MLive. You can reach her at elawler@mlive.com, subscribe to her on Facebook or follow her on Twitter: @emilyjanelawler.