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DETROIT, MI-Wayne State University Research and Technology Park, known as “TechTown,” will see more than $8.7 million spent on phase two of the redevelopment of an “underutilized” building located within the Woodward Technology Corridor SmartZone, the university says. The first phase involved renovation of the first and fifth floors of a five-story building located at 440 Burroughs.

The former Chevy Creative Services building was donated by General Motors and will house an entrepreneurial center and high-tech business incubator. A state Single Business Tax credit valued at $870,000 will help pay for redevelopment of the remaining floors. The project could eventually lead to as many as 1,500 high-tech jobs, the governor’s office says.

“Restoring brownfield properties is essential to continuously developing and revitalizing our urban areas,” Michigan Gov. Jennifer Granholm said in announcing the tax credit to support the project. “These credits will make it affordable for businesses to invest and restore these properties to create jobs and housing opportunities. By attracting new investment, we will make our cities cool places to live and work.”

“We are working to transform brownfield sites one by one across the state,” adds MEDC president and chief executive officer Don Jakeway. “These latest projects are among many that will help transform our cities into magnets for jobs and investment.”

The MEDC administers the state tax credit program.

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