Developer getting a second shot at zone
Wealthy Street Historical Development LLC may get a full extension on its property’s Renaissance Zone status on Tuesday, as the firm’s application is going before the city commission for the second time.
In December, commissioners only awarded WSHD a 12-year extension for half of its development, the lower floors of the two small connected buildings its wants to renovate into commercial space at 632-636 Wealthy St. SE. Commissioners left the two upper floors that are designated for residential out of the application.
Commissioners can also give WSHD a full extension, but not for the maximum 12 years state law allows.
WSHD wants to invest $1.2 million into the project. The firm bought the buildings in August 2007, and both have been in the nearly tax-free zone since January 1997. The property’s zone status ends on Dec. 31, 2011.
When commissioners only gave the development half an extension, managing partner Todd Ponstein decided not to pursue the request at the state level.
Commissioners fully extended zones for projects being done by Via Design and True North Architecture, Construction and Investment last month. The Michigan Strategic Fund has to approve the extension applications and is likely to review the requests next month.