Michigan Advances Economic Growth with Key Investments in Housing, Startups, and Manufacturing
LANSING, Mich. – In a move to bolster Michigan’s economy, Governor Gretchen Whitmer and the Michigan Strategic Fund Board have announced a series of significant investments aimed at enhancing the state’s housing, startup ecosystem, and manufacturing sectors.
Governor Whitmer emphasized the collaborative effort behind these initiatives, stating, “Today’s approved projects are an example of what happens when we work together to put Michiganders first.” She highlighted the importance of these projects in supporting the state’s ‘Make it in Michigan’ strategy, which focuses on making Michigan a premier place for living, working, and future-building.
Revitalizing Housing and Commercial Spaces in Hancock
The Michigan Strategic Fund Board has greenlit a $4.5 million loan from the Michigan Community Revitalization Program to transform a historic building in the City of Hancock. The former site of Finlandia University will be converted into Skyline Commons, a development featuring 27 new residential apartments and commercial spaces.
City Manager Mary Babcock remarked on the importance of the project, noting the building’s historic roles, including as the old Portage Hospital. The development will repurpose a significant amount of obsolete space, creating both affordable housing and commercial opportunities, including a childcare facility.
Andy Moyle of Moyle Development expressed pride in the redevelopment effort, saying, “Skyline Commons will provide vital housing and modern commercial spaces. We’re honored to lead this bold redevelopment, creating a lively hub that will enrich our community for generations.”
Boosting Innovation with the Michigan Innovation Fund
The Michigan Innovation Fund is set to distribute $4.2 million among 13 entities to bolster startup support services. This funding marks the final allocation from the fund’s initial rollout, aimed at strengthening the state’s innovation ecosystem.
Ben Marchionna, Chief Innovation and Ecosystem Officer, emphasized the fund’s role in establishing Michigan as a leader in innovation. “Michigan is laying substantial groundwork to create an innovation ecosystem like never before,” he stated.
Recipients of the funds include Michigan Founders Fund, Michigan Venture Capital Association, and TechTown Detroit, among others. The allocations were determined based on criteria such as need, impact, and proven track records.
Alison Todak of the MEDC noted the fund’s responsiveness to community needs, saying, “The Michigan Innovation Fund is answering a significant call from throughout the entrepreneurship and innovation communities.”
Major Investment by American Axle & Manufacturing in Three Rivers
American Axle & Manufacturing (AAM) has announced plans to invest $132.9 million in its Three Rivers facility, following approval for a five-year State Essential Services Assessment exemption. This investment will focus on facility upgrades and capital improvements.
Tolga Oal, President of AAM’s Driveline division, highlighted the importance of these investments in maintaining competitiveness and supporting the skilled workforce at the facility.
Jonas Peterson, CEO of Southwest Michigan First, praised the investment as a significant win, stating, “This commitment will position the plant and community for long-term success.”
Note: Investment and job figures are commitments by businesses to Michigan, subject to formal agreements and potential amendments based on project performance.
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