Michigan Strategic Fund Approves $256M Red Cedar Mixed-Use Development in Lansing
LANSING, MICH. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction.
The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt House and AC Hotel by Marriott, is set to begin next year. Plans also call for a restaurant, retail space and a public park with an amphitheater and connection to the Lansing River Trail.
The 35.5-acre project will connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. The project will redevelop the long-abandoned Red Cedar golf course site.
The MSF rejected a previous version of the project in March, according to Lansing City Pulse. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan last year.
“The approval of the project is positive news, especially with the unforeseen economic hardship that we’re experiencing as a result of the COVID-19 pandemic,” says Lansing Mayor Andy Schor. “This continued investment will help drive Lansing forward and is a good sign to others looking to invest in the city.”
The Michigan Economic Development Corp. (MEDC) recommended the project to the MSF board. “The Red Cedar development will activate a long-vacant property and bring density and vibrancy to a high-impact commercial corridor in Lansing,” says Michele Wildman, senior vice president of community development for MEDC.
Continental/Ferguson is a local developer led by Frank Kass and Joel Ferguson.
— Kristin Hiller