studioparkproject

Celebration! Cinema Parent Gets $5.5M Green Light For Studio Park in Grand Rapids

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While they had already broken ground last month on their latest “movie plot,” the folks who brought Celebration! Cinema to Benton Harbor and multiple other communities across Michigan just got what could be the biggest boost so far in their bid for box office greatness, and it came from the Michigan Strategic Fund today.

Jackson Entertainment’s Studio Park mega project in downtown Grand Rapids was given the green light today by the Michigan Strategic Fund for a $5.5-million performance-based loan from the Michigan Community Revitalization Program paving the way for the first-phase of their $110-million mixed use project which includes a multiplex movie theater, apartments, a hotel, retail space and commercial office space in the city’s central business district.

That first phase at Studio Park includes the new 9-screen Studio C! movie complex, more than 32,000 square feet of retail space, another 30,000 square feet of office space, a 900 space parking structure, roughly 100 residential units and a public square.

The Jackson Entertainment project was one of two projects approved today that are expected to generate more than $126 million in total investment and create 650 jobs in Michigan, according to the Michigan Economic Development Corporation.

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Jeff Mason is CEO of the MEDC. He says, “Today’s MSF actions continue to help fuel new economic activity across Michigan, strengthening our communities and creating good jobs for our residents.”

Besides the Studio Park project, Plastic Trim International of Iosco County’s Baldwin Township picked up a $1.5-million performance based grant that is destined to create 210 new jobs.

Mason says, “Plastic Trim’s continued commitment to Iosco County means good jobs for area residents that could well have gone to another state. It is thanks to many public and private partners that this project is taking place, and we are pleased to support that collaboration.”

Plastic Trim International, Inc. is a subsidiary of MINTH Group US Holdings, Inc., a China-based manufacturer of trim, molding, decorative parts, body structural parts, set frame systems, and roof racks for the auto industry. Plastic Trim’s Baldwin Township plant, established in 1992 and acquired by the MINTH Group in 2007, manufactures trim, molding, and decorative auto parts for General Motors, Chrysler, Volkswagen, Nissan, and BMW. The company also has a logistics center in Tawas City that supports the Baldwin Township manufacturing plant.

The company is experiencing increasing demand and plans to expand its Baldwin Township plant by adding more than 42,000 square feet of space and upgrading technologies.

J.D. Loeks is a principal at Jackson Entertainment, which plans to redevelop surface parking lots and adjacent vacant land in downtown Grand Rapids into the mixed-use Studio Park project. The project is expected to generate a total capital investment of $110 million and create 440 full-time equivalent jobs. When completed, the project will bring density and vibrancy to the area, improve foot traffic, and generate increased revenue for surrounding businesses. In addition to the Strategic Fund action, the City of Grand Rapids Brownfield Redevelopment Authority received approval of $30,377,630 in local and school tax capture for brownfield remediation activities at the site.

MSF also approved the new $1.5 million Façade Restoration Initiative, or FRI, for façade improvement efforts in communities around the state. The purpose of that initiative is to expand state support for façade improvement projects because they have been seen to stimulate downtown foot traffic, add to a community’s economic vitality, encourage building owners to make additional improvements, and create a sense of place in downtowns. FRI will provide matching funds of up to 50-percent of façade restoration costs to local downtown development authorities, Main Street organizations, principal shopping districts or local authorities. To be eligible, communities must have an existing and locally administered façade improvement program already in place.

In addition, MSF approved a Request for Proposals for the MEDC International Trade Program to solicit proposals from organizations with international trade expertise to provide trade promotion services to Michigan-based businesses seeking export sales in the following target markets: Brazil, China, Canada, Mexico, Europe, and the Middle East. There are currently Michigan Trade Centers established in all markets included in the RFP. The centers provide export services including customized market research, market entry strategy, matchmaking meetings and more. The purpose of the RFP is to enter into a fixed-fee contract for trade promotion services.

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