City of Monroe receives funding for La-Z-Boy site redevelopment
Progress has been made in the redevelopment of the former La-Z-Boy world headquarters site on Telegraph Road.
This week the City of Monroe Brownstown Redevelopment Authority received Michigan Strategic Fund approval of $2.7 million in state capture for reimbursement of brownfield activity at the site, which so far houses a Dairy Queen restaurant and a future Chipotle Mexican Grill.
The City of Monroe has already completed eligible activities totaling $1.3 million and has committed to completing future eligible activity costs totaling $5.4 million.
Earlier report:City of Monroe awards Phase 2 of La-Z-Boy site redevelopment contract
On Tuesday Gov. Gretchen Whitmer joined the Michigan Economic Development Corporation to announce Michigan Strategic Fund approval of a wide range of projects, including the La-Z-Boy site in Monroe. In total, the projects will create or retain 1,846 jobs and generate more than $1.2 billion in investment in Michigan.
“Today’s approvals will help us continue to grow our economy and compete for every good-paying job,” Gov. Whitmer said in a news statement. “From Marquette to Monroe, we will expand leadership in future mobility, elevate our growing outdoor recreation industry, create good-paying jobs for Michiganders and invest in our communities. When we come together to focus on the issues that matter, we can support businesses of all sizes, grow our economy, spur innovation, and move Michigan forward.”
The Monroe project includes the redevelopment of the former La-Z-Boy headquarters. The 1284 and 1248 N. Telegraph Road project will redevelop a nine-parcel brownfield site. The total site is more than 17 acres and is owned by the City of Monroe, who is acting as developer of the project.
The city began proactively assembling this property for a mixed-use redevelopment in 2019 and has established a Telegraph Road Corridor Improvement Authority TIF district, adopting a development plan to implement a pedestrian-friendly setting and modernized design principles.
Monroe is actively engaged with two developers ready to implement the redevelopment plan that includes a national grocer as an anchor for the commercial space, with an expected total private investment of $60 million and the creation of 45 full-time equivalent jobs. The project will also create 100 jobs during the construction phase.
The City of Monroe also is supporting the project with local tax capture valued at $3.8 million. The project will increase urban density and provide new housing options for Monroe area residents, as well as high-quality commercial space to attract business development. Completion of the project will bring additional investment and stabilization to the neighborhood and return an underutilized property to productive use, the governor’s office said.
The City of Monroe is engaged with MEDC’s Redevelopment Ready Communities program.
“On behalf of the City of Monroe, I wish to express our gratitude to the Michigan Strategic Fund Board and the MEDC for their support of this crucial project. This site has a storied past weaved into the history of our community as it served as La-Z-Boy’s world headquarters since the company’s founding,” Monroe Mayor Robert E. Clark said in the release. “Just as La-Z-Boy has turned the page to their next chapter in the company’s future with their new headquarters in Monroe, we are excited to witness how this site’s transformational redevelopment is setting a new bar for the future of the Telegraph Road corridor in our region. The success of this endeavor shows what benefit can come when the private sector and government work together for the betterment of the community.”
This article originally appeared on The Monroe News: City of Monroe receives funding for La-Z-Boy site redevelopment
