On July 30, 2021, Michigan‘s State Land Bank Authority (SLBA) announced a new opportunity that would allow qualified redevelopers to have the first chance at being considered to undertake a variety of small and large-scale redevelopment projects throughout the state.
“We look forward to bringing new development partners into the fold as we take on future redevelopment projects and bring new opportunities for economic growth and revitalization throughout our communities,” said SLBA Executive Director Emily Doerr.
The opportunity for real estate developers to be qualified, which stems from a process SLBA uses for environmental projects – will allow the SLBA to bring on redevelopers quickly who can handle state and county land bank projects ranging from residential, commercial, and industrial development opportunities.
Such redevelopments may range from one to several homes being constructed on targeted or scattered sites, small to large commercial/industrial development which may or may not be located on brownfield sites, as well as renewable energy solutions where targeted brownfield sites are being considered for solar development opportunities.
By having developers submit their credentials in advance, the SLBA is able to complete the proper vetting and reference checks. Then, as projects become available, the SLBA will submit those projects to prequalified developers who are ready to make development proposals.
Redevelopment projects support SLBA’s mission to resolve some of the toughest barriers to returning land to productive use, helping to unlock the value of properties and converting them into assets for community revitalization throughout the state.
“We hope to foster strong relationships that will continue to transform vacant spaces into vibrant places and be economic drivers for our state. We look forward to working with these developers to determine the best path forward for these properties,” Doerr added.
The SLBA seeks interested developers with a record of success in real estate development, especially those with redevelopment or rehabilitation expertise.
Qualified developers must be in good standing with the State of Michigan are welcome to submit their responses. Submissions will be reviewed at the end of each quarter.
Proposals should be submitted by email to landbank@michigan.gov.
Photo of abandoned factory in Traverse City, Michigan by robinsonk26 from Pixabay.