River Reach Development

Parchment, Michigan

 

Property Highlights:

  • A 100-acre former paper mill, abandoned and not generating tax revenue for more than 10 years
  • Municipal ownership—the result of unpaid taxes—of a contaminated tract with 700,000 square feet of industrial buildings, and accounting for 17 percent of the city’s area
  • A picturesque location on the banks of the Kalamazoo River

Unlocking Property Value:

  • A public-private partnership that allowed the city to divest the property and environmental liability
  • Comprehensive risk management protecting future buyers and developers
  • Thorough, responsible environmental engineering, demolition, and cleanup of soil and groundwater
  • A $26M capital stack with resources from Frontier Renewal’s equity fund, $2 million from a state grant and loan, specific municipal infrastructure improvements and tax-increment financing
  • A rehabilitated site and new entitlements for a master development plan integrating live‐work‐play in residential and other mixed uses, with access to local and regional open spaces, parks and trails

Current Status:

  • Phase I demolition complete
  • New circulation roadway named Bellisle Boulevard is complete
  • Three commercial parcels sold and developed as retail sites

Frontier Renewal’s different approach provides unintended owners of blighted property, like the City of Parchment, with new options