A redevelopment that's been in the works for years landed $5.3 million from the Michigan Economic Development Corporation today. The United Artist Building is using the tax capture as a reimbursement for brownfield funding. 

The $73 million project will bring 148 apartments to the Grand Circus Park area of downtown. 20 percent of the apartments will be for those making up to 80 percent of the Area Median Income. The development will also include mixed-use space for retail and restaurants.

The development has received multiple sources of state and local funding. Today's approval was an amendment to a Michigan Community Revitalization Program performance-based loan received three years ago.

The project, Residences @ 150 Bagley, is run by the Bagley Development Group, including Emmett Motten Jr and many partners. Olympia announced the redevelopment of the building in 2017, but officially broke ground last year.

The C. Howard Crane-designed United Artist Building dates back to 1928 and was part of the thriving theater scene in Grand Circus Park. The building was eventually closed in 1975. It has been listed on the National Register of Historic Places.