The Big Albion Plan receives funds to help spur business development, job creation and more housing
ALBION, Mich., March 29, 2023 — The Michigan Strategic Fund (MSF) has approved incentives to support several Michigan projects, including investments that will infuse new funds into the ‘Big Albion Plan,’ the nonprofit Albion Reinvestment Corp.’s project to revitalize downtown with residential and commercial properties. The newly announced MSF investments will help redevelop more than 20 buildings throughout the historic downtown district, bringing new density and walkability to downtown Albion, as well as acting as a catalyst for additional investments in the area.
“These new investments point to the Albion of tomorrow,” said state Rep. Jim Haadsma (D-Battle Creek). “The city has a huge amount of potential to be an even more thriving community with increased housing options and a rehabilitated, dynamic downtown that residents will no doubt enjoy and local businesses will surely prosper from. I am glad the state recognizes this potential and is putting in the necessary funds to see the Big Albion Plan come to fruition.”
Background: Plans to revitalize and invest in downtown Albion started in 2017 but have been slowed since the pandemic. The new state investments will bring new life to the comprehensive Big Albion Plan. The project is expected to generate a total capital investment of $9.4 million and create eight full-time equivalent jobs, supported by a $1.5 million Michigan Community Revitalization Program (MCRP) performance-based grant and a $2.38 million MCRP performance-based loan. In addition to activating almost 29,000 square feet of long-vacant space, the project will utilize Federal Historic Tax Credits to ensure historic rehabilitation of the buildings. When completed, an entire block of downtown Albion will be transformed into vibrant, mixed-use spaces for new residents and small businesses.