LANSING, Mich. — The former Lake Trust Credit Union building in downtown Lansing will soon be home to a multi-use development with 172 apartment units and over 18,000 square feet of ground-floor retail.
WestPac, the California-based developer on the $33 million project is looking to revive the downtown area, said CEO Patrick Smith.
“We've always looked at revamping the 501 block, the old Lake Trust six story building with the walkout basement into multifamily, because it's got super cool views of the city," Smith said. "It's got some historical natures of mid-60s architecture. And we wanted to facilitate that, keeping that building and also doing a renovation of the renaissance of that building. Because it is, in my mind, it is a little bit historical.”
Smith said when he originally acquired the land in 2013, it was in the running to be the new location of Lansing City Hall.
However, after that project fell through, WestPac shifted their efforts to a multi-use development with both apartment units and retail space.
“Retail I would consider to be a restaurant space...and also the gym," Smith said. "And I know the gym is is going to (be there) because I signed a lease with them. It's called the Training Factory.”
Another WestPac development on the intersection of Hillsdale and Capitol Streets will have an additional 117 apartments and additional retail space.
The city is reimbursing WestPac up to about $9.8 million in taxes to cover various costs associated with this development.
The project recently secured $23 million in financing from Dwight Capital, a real estate and investment company.
Lansing Mayor Andy Schor said this is part of an ongoing effort to increase residential capacity of the downtown area.
"It’ll be great having another 117 units, and probably 150 or so more people that are downtown," Schor said. "Because we certainly want state employees to come back. And we want them to stay the night, and come back on weekends. And we want folks from all around the region… But we need people who live downtown who will create foot traffic and have amenities and vibrancy. A lot of that comes with having people living downtown."
This is not WestPac's first development in the Lansing area. The company has been building in the city since January 2013.
“The city of Lansing seemed to be a parking lot," Smith said. "And everybody was pushed out into the suburbs. Now, I think that people might get back into the city and not have to commute as far. And I hope this is a part of that rejuvenation of the city. And Washington [Avenue] happens to be, I think, the most walkable street in Lansing. I think that if we can help that street become more pedestrian, and people can walk to restaurants and walk to entertainment and be an addition to the community. I think we all win.”
Schor said that the development will be completed by October of 2023.
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