We have great momentum with more businesses interested in leasing office, restaurant and retail space...with this announcement we hope to identify developers who can accelerate the redevelopment of real estate...
Battle Creek, Michigan (PRWEB) November 11, 2011
In November 2008, the City of Battle Creek and Battle Creek Unlimited, Inc. announced a downtown transformation initiative that has produced more than $88 million in private investments, where food science, innovation and growth strategies synergize with education and urban lifestyles within a sustainable infrastructure.
Today, Battle Creek Unlimited is announcing a real estate development opportunity where properties it owns in downtown Battle Creek will be available to developers and individuals for the cost of title transfer for projects demonstrating substantial economic impact.
“In the last 24 months our downtown has seen 250,000 square feet of office, restaurant and retail space redeveloped and occupied,” stated Karl Dehn, President & CEO of Battle Creek Unlimited. “We have great momentum with more businesses interested in leasing office, restaurant and retail space, and we have considerable consumer interest in downtown residential space. With this announcement we hope to identify developers who can accelerate the redevelopment of real estate to accommodate this demand.”
According to Cheryl Beard, Commercial Development Director for Battle Creek Unlimited, “Building footprints vary in size and floors from 7,200 square feet on two floors to 42,000 square feet on five floors. These buildings are ideal for mixed use including retail, residential, restaurant and office space.”
Development plans by interested purchasers will be evaluated based upon economic development criteria and priorities expressed by Battle Creek Unlimited for downtown Battle Creek and may include factors as follows:
- Presentation by the prospective purchaser of a viable business plan; and
- Purchaser / developer’s redevelopment experience, including downtown environments; and
- Enhancement of the tax base of the Battle Creek Downtown Development Authority; and
- Enhancement of the employment base in Battle Creek; and
- Evidence that the proposed project enhances targeted sectors in downtown Battle Creek; and
- Determination that the proposed project will provide favorable economic impact in downtown Battle Creek and the city of Battle Creek in general; and
- Level of proposed private investment.
Selected purchasers would be required to enter a development agreement and deposit $10,000 into an escrow account. The escrowed amount would be returned to the purchaser or applied toward costs of rehabilitating the structure upon successful completion of the development plan. As a requirement of ownership, purchasers must agree to complete renovations within 24 months.
This redevelopment initiative will run through April 1, 2012. Property information may be found at http://www.bcunlimited.org/transformation. Community and demographic information may be found at http://www.bcunlimited.org and http://www.downtownbattlecreek.com.
About Battle Creek Unlimited (BCU) - BCU is the economic development organization for the city of Battle Creek, with a mission to facilitate regional wealth creation through human, economic, and community development by stimulating a diverse civic culture, fostering new ideas, organizational models and healthy lifestyles, BCU conducts activities within Battle Creek’s central business district and industrial park. Battle Creek is the third largest city in Michigan with a land mass of 40 square miles and a population of 53,000, with more than $88 million in private investments completed and more than $20 million in foundation and public investments underway in downtown Battle Creek.