MARQUETTE, Mich. (WJMN) – A $495,000 brownfield redevelopment grant and $1 million loan from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) have been awarded towards the redevelopment of the historic State Savings Bank in downtown Marquette.
EGLE is partnering with the City of Marquette and Marquette Vault LLC. to facilitate the development, which will include construction of new commercial space, residential space, and public parking in the area.
The bank’s location is a brownfield site, which EGLE attributes to its historic usage accommodating both a rail line and vehicle garage/service center. The awarded funds will address contamination in the land’s soil and groundwater, as well as select demolition and abatement of asbestos on-site.
EGLE says contaminated soil and groundwater will be disposed of and barriers will be installed under the new construction to prevent potential exposure to contamination. The city has also approved a brownfield plan to receive future tax revenue to help pay for other environmental costs and site improvements.
Following the clean-up efforts, the bank building will be redeveloped by Marquette Vault to become a boutique hotel. A new 70,000 square-foot development including additional hotel rooms, commercial space, residential units, and a 200-space public parking facility will also be constructed.
“As a homeowner a few blocks from the site, I’m thrilled to see this magnificent, historic building anchoring such an important development in the heart of Marquette’s downtown,” said David Allen, chair of the Marquette Brownfield Redevelopment Authority. “I’m proud to see this partnership between the city of Marquette, the State of Michigan, and private developers coming closer to fruition.”
In total, EGLE will provide over $20 million towards 67 brownfield projects across the state in 2022. You can read more about brownfield redevelopment here.