KALAMAZOO (WKZO AM/FM) — A developer has announced plans for a mixed use high rise in Downtown Kalamazoo, the type of tax revenue producing project that may be more attractive to build in Kalamazoo now that the Foundation for Excellence has lowered property taxes.
Catalyst Development would purchase city parking lot #9, next to the Arcadia Creek Festival Site which generates revenue for the parking system, but no tax revenues, and build a 7 story structure.
The building will house “Class A” office space on the lower floors and 50 residential units on the upper floors, 5 of which would be affordable housing units.
The $60-million project needs Commission approval. It would be just one of several new buildings, and major renovation projects in existing structures planned for the downtown.
