The BDC is excited to learn the East Main Development in downtown Milan will soon be ready for occupancy! The BDC has worked with Mr. Snyder, the developer on the project, since its inception five years ago. As you can tell from the press release below, this project has a lot of moving pieces and was not an easy one to complete. Congratulations go to Mr. Snyder and his team for sticking with this first-class, transformational development.
I believe the City of Milan is on the brink of being re-discovered. If you are considering first-class commercial space, I strongly suggest you consider this great little city. Or, if you are looking for a downtown living environment, this is surely a great location being just a few minutes away from Ann Arbor and a short distance to Toledo.
FOR IMMEDIATE RELEASE
April 17, 2016
David W. Snyder
Wabash & Main LLC
Ribbon-Cutting Ceremony for East Main Redevelopment Scheduled
The East Main Redevelopment in downtown Milan is nearly complete. The ribbon-cutting ceremony for the project is planned for Monday, May 2. Guests are invited to arrive at 4:00 PM. There will be a program starting at 4:30 PM. The buildings will be available to walk through after the program. The event will be held behind the buildings at 2 East Main (weather permitting) or inside a commercial space if necessary. The community is invited to participate.
The four buildings have been redeveloped into a mixed-use project that includes 15 new downtown loft-style apartments and eight storefronts restored to their historic facades. The four buildings were originally constructed between 1845 and 1892. The one at the corner of Wabash and Main Streets is the first brick building built in Milan. The buildings are part of the Milan Main Street Historic District, which is listed on the National Register of Historic places.
The $5.3 million project, was planned for more than five years and under construction for the past year. The redevelopment of this downtown block of Milan involved the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA). It is the largest project such project ever done by those two organizations working together outside Michigan’s largest cities. It also involved federal support in the form of Historic Tax Credits, given to projects that faithfully retain the historic character of the buildings. Dudley Ventures of Phoenix (AZ) provided equity to the project, facilitating the utilization of the federal Historic Tax Credits.
Project construction has been managed by Kincaid Henry Building Group of Lansing. Project design was completed by Kraemer Design Group of Detroit. Project financing was handled by University Bank in Ann Arbor with participation by Develop Michigan Inc. of Lansing during the construction phase. Commercial leasing is being handled by Colliers International in Ann Arbor.
Plans for the redevelopment of the property have been in the works since early 2010. “The East Main Redevelopment project will make the entire community a more desirable place to live. It will be the most visible positive change to the downtown in several generations,” said Jade Smith, City Administrator of Milan. “This redevelopment will be the catalyst to future development and put Milan on the map for future businesses.”
The City of Milan has contracted with Revitalize, LLC to administer the MSHDA grant funds. Revitalize co-owner and long-time housing advocate, Bruce Johnston offered the following advice in light of the announcement: “Never give up – most things in life that are worth it, take time and strong partnerships.”
“Wabash & Main LLC is proud to have led this revitalization project,” said Dave Snyder, managing member of the business. “It will nearly double the number of downtown residents in Milan and house those residents in upscale homes at an affordable cost for decades to come. We’ve have made it possible for these buildings to stand for another 170 years!” For more information about the East Main Redevelopment visit www.eastmainmilan.com or visit the Facebook page “East Main in Milan.”