KALAMAZOO, Mich. (WOOD) — Plans to redevelop the historic Rose Street Market building in downtown Kalamazoo into a hotel are moving forward.
On Tuesday, the Michigan Strategic Fund approved a $7.4 million Michigan Community Revitalization Program performance-based loan to help fund the project by Kzoo Hotel Partners, LCC.
After the renovation of the six-story building and construction of two new buildings, there will be a 113-room hotel, a 107-room extended stay facility and approximately 15,000 square feet of office and commercial space, according to the Michigan Economic Development Corporation.
The project is expected to generate more than $40 million in capital investment and create 75 jobs, according to the MEDC.
The redevelopment in Kalamazoo is among several projects across the state that received funding from Michigan Strategic Fund Tuesday. In total, the projects are expected to create 918 jobs in Michigan.
***CORRECTION: An earlier version if this story inccorectly stated the loan amount as $745 million. We regret this error, which has since been corrected.***