Pontiac-based West Construction Services has started a $19.8 million project for refurbishment and restoration of the Sears Department Store building in Pontiac, Michigan.
The revamped site will accommodate the Lafayette Place Lofts residential and commercial mixed-purpose development. The 80,000 square feet facility will feature 46 new urban rental loft-style apartments spanning 33,000 square feet. The apartments will sport one and two bedroom units. The units will don an open-plan concept while comprising vintage hardwood flooring, large pane windows, and exposed brick walls. The look will be complemented by incorporation of granite countertops, upgraded appliances made in stainless steel, as well as brushed nickel fixtures.
The development will also imbibe 25,100 square feet of retail space including the Lafayette Market and an Anytime Fitness centre dedicated for use of residents and the community.
The project will be financed via various sources. It includes State of Michigan Neighborhood Stabilization Programme 2, a federal New Markets and Historic Tax Credit programme in collaboration with US Bank, the Michigan Magnet Fund, State Historic Tax Credits, Brownfield Tax Credits, KeyBank and other private lending organisations. Work is due to be over by December 2012.
