The Woodard Lofts project in Owosso, Michigan, transformed a historic manufacturing building into a vibrant mixed-use development. Originally home to the Woodard Wrought Iron Furniture Company, the facility had become obsolete and environmentally challenged, leading to prolonged vacancy. Through a comprehensive renovation, the building now offers student housing units, office spaces, and retail areas, breathing new life into the community.

This revitalization effort was made possible by a $12.6 million New Markets Tax Credit (NMTC) allocation, with the Local Initiatives Support Corporation and Michigan Community Capital serving as Community Development Entities. Huntington National Bank acted as the investor, providing essential financial support to bridge funding gaps caused by environmental remediation and modernization costs. The NMTC financing offered favorable terms, including below-market interest rates and extended interest-only payment periods, facilitating the project’s feasibility.

The redevelopment has significantly impacted the local economy, creating 265 full-time equivalent jobs and 230 construction jobs. The introduction of modern residential, commercial, and retail spaces has not only preserved a piece of Owosso’s industrial heritage but also stimulated further investment and growth in the area. The Woodard Lofts stand as a testament to how strategic financial tools and community collaboration can rejuvenate historic structures for contemporary use.