BAY CITY, MI — A new project at the Uptown Bay City development will bring 100 new condominium units and a new parking garage to the site. The project includes a 5-story residential building on the Saginaw River.
The Michigan Strategic Fund board of the Michigan Economic Development Corporation (or MEDC) on the morning of Tuesday, June 23, unanimously approved a performance-based loan for the project.
The request was made by Bay City’s Brownfield Redevelopment Authority.
The approval will lead to the construction of a five-story building containing 60 condominium units on the waterfront at Uptown and a two-story parking garage. The work plan anticipates construction of the 60-unit building to begin shortly, with construction of second building containing 40 condos to begin about six months after the first is completed.
“Specifically, the City of Bay City, in partnership with Shaheen Development, will be undertaking Brownfield eligible activities including reconstructing a bridge off ramp and building or restoring city-owned streets creating a more cohesive and walkable downtown environment,” states a memorandum from the MEDC. “A strong sense of placemaking and a pedestrian friendly environment will be achieved by eliminating blight and vacancy between Uptown and Downtown contributing to a more vibrant and energetic area that will attract additional residents and businesses.”
The 60-unit building will result in 92,615 square feet of market-rate, riverfront development, as well as more than $14 million in private investment. The 40-unit building will add about 64,748 square feet of additional residential development.
The public infrastructure improvements will be funded in advance by Shaheen Development and Bay City, resulting in more than $44 million in new private investment in about 252,000 square feet of public infrastructure. Bay City’s contribution to the public infrastructure will be funded with approximately $6 million in municipal bonds.
“This development falls right in line with our housing study we had done a couple of years ago,” said Bay City Manager Dana L. Muscott. “Our housing improvement strategy overall back then and is today is to restore confidence in our real estate market in Bay City. We believe it’s increasing. Property values are increasing.”
The city plans on repaying the bonds from property tax capture, Muscott said.
Muscott added there were two broad objectives when the study was conducted. The first was “to promote and encourage private investment in city housing and real estate. The second one as to minimize neglect and abandonment of property,” Muscott said.
“With the property here on the riverfront, it was blight and look at what Uptown has made it,” she continued. “What Shaheen Development is doing is falling right in line with our housing study.”
She added that other recent housing developments in the city are now either full or nearly full with occupants.
“I think there is a need to aggressively meet our unmet housing needs in Bay City,” she said.
Shaheen Development, based in Saginaw, could not be reached immediately for comment.
On Tuesday, the Michigan Strategic Fund board also approved an amendment to a work plan for the project with additional state tax capture for eligible activities capped at $11,028,220.
Related:
Bay City’s Uptown development begins to spread toward downtown
Bay City wins top honor from Michigan Municipal League for Uptown project
Uptown Bay City phase 2 plans call for hundreds of new residential units and some commercial
Bay and Arenac County organizations partner in coronavirus response funding coalition
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