The Lansing Economic Area Partnership (LEAP) has announced that the Ingham County Board of Commissioners has given final approval to the Brownfield Plan for "Elevation" at Okemos Pointe.
It will be located near Jolly and Okemos roads, behind the Staybridge Suites.
"Elevation" will consist of a total of 441,549 sq. ft. of buildings over the 37.29 acre site and Construction will be in three phases.
Phase I includes 166 apartments and 6,214 sq. ft. of commercial space. Phase II & III will add another 232 apartments and 20,000-sq. ft. space for a community market and food innovation district.
The new development will generate an estimated increase of $11.1 million in property taxes over ten years. The brownfield plan calls for the Developer to pay up to $3.9 million of brownfield costs to clean-up and prepare the site for redevelopment.
The Developer will then be reimbursed their brownfield costs over the next 10 years from the $11.1 million increase in property taxes. This allows $7.2 million of the new taxes to flow directly to local government and taxing units, including $460,911 to Meridian Township.
