An abandoned industrial property was located in a prime downtown area of Marquette, Michigan. This blighted site had been historically used for petroleum bulk storage, caustic soda bulk storage, and a variety of other industrial processes. These compounded environmental problems created an obstacle to redeveloping this site by increasing the cost of cleanup and construction.
AKT Peerless was able to structure $6 million of financial incentives to encourage a developer to revitalize 29-acres and construct 330,000 square feet of mixed use development. The site will now include: condominiums, retail, office, hotel, and a 220-space public parking deck.
To assist with this development, AKT Peerless provided the following:
- Structured $6 million municipal bond to raise revenue for parking deck and public infrastructure
- Utilized tax increment revenue to meet the $6 million bond obligation.
- Conducted community outreach to facilitate public approval for redevelopment
- Assisted with infrastructure planning.