FOX 66 News at Ten
The sale of the Bancroft and Eddy buildings on Washington Avenue in downtown Saginaw have finally been completed.
On Monday, the properties, at 100 N. Washington and 107 S. Washington were sold by the Michigan State Housing Development Authority to the Lakeshore Management, LLC out of Lakewood, OH.
MSHDA has been working to revitalize downtown Saginaw and worked with the city of Saginaw and the Saginaw Downtown Development Authority to select a developer that has a history of successful projects as well as a strong commitment to downtown Saginaw.
The sale marks the end of low-income housing in two of the most historically significant buildings in downtown after nearly 30 years.
Lakeshore intends to start renovations of the Bancroft and Eddy properties immediately. Estimated renovation costs exceed $5 million and will result in above market rate luxury apartments and restaurant and retail spaces for the first floor.
Restorations are estimated to be completed by summer 2013.
"The transformation of these historic buildings into new, safe rental housing with ground level restaurants and retail space should lead to a more vibrant and thriving downtown, which are the cornerstones of any great community," said MSHDA Executive Director Scott Woosley. "It not only changes the landscape of downtown Saginaw but also the narrative for the community. This could have a remarkable impact on future development there."
This project presents a unique opportunity to preserve two historically and architecturally significant buildings in the heart of Saginaw while providing for downtown housing and future business development.
Progress continues in downtown Saginaw with the addition of new employees at AT&T, the Michigan Works! Facility and new CMU School of Medicine campuses that will increase traffic and people in the downtown daily.
Luann Stockfleth, project manager, stated that once completed, the new Bancroft Luxury Apartments will be unparalleled in the tri-cities area with superior amenities and above class features.
Lakeshore Management is anticipating the addition of two new restaurants with several small retail establishments on the first floor of both buildings.
According to Stockfleth, "Over the last 10 years, the missing components of the outstanding revitalization of downtown Saginaw have been quality, safe rental housing and restaurants. Once this project is completed, new residents of both buildings will be able to take a stroll next door for a performance at the Temple or an event at the Dow after grabbing a meal at one of the new restaurants located in the Bancroft and Eddy buildings."
This project is the culmination of almost a year of discussions and marketing of the project.
Copyright 2013 WNEM (Meredith Corporation). All rights reserved.
Thursday, January 10 2013, 08:46 AM EST
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