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February 02, 2009
Contact: Marilyn Stein LeFeber,
810.238.5651,
mlefeber@mott.org
URC to remodel former downtown hotel into student housing
FLINT, Mich. – The Uptown Reinvestment Corporation (URC) has purchased the vacant Character Inn in downtown Flint with the help of a $20-million repayable grant from the Charles Stewart Mott Foundation.
The URC plans to use the grant to acquire the 16-story, former 372-room hotel and turn it into a state-of-the-art living/learning center.
The Mott grant was made to URC’s supporting organization, the Foundation for Uptown Reinvestment Corporation, and the proceeds were then made available to the URC.
Development will take place in three phases. The first, to be paid for with proceeds of the Mott grant, is targeted for fall 2009 completion. The work will include converting the third through eighth floors into 250 beds of suite-style student housing (similar to that at First Street Residence Hall on the University of Michigan-Flint campus). The entire building, as well as the heating and air-conditioning systems, will be updated in the first phase. Future phases could result in a total of 550 beds, in addition to classrooms, entertainment amenities and meeting space.
Conceptual rendering of the new lobby. Project amenities may include an Internet cafe, game room, movie room, fitness studio and climbing wall. |
The Mott Foundation earlier had transferred its option on the building to the URC, which is buying the Character Inn from the Institute for Basic Life Principles. The structure had opened in 1981 as a Hyatt Regency Hotel.
The Mott grant is to be repaid at the end of 10 years, with interim payments required based on cash flow, or upon sale of the building.
“Studies have shown that educational opportunities and redevelopment of the urban core are two key ingredients to the revitalization of older industrial cities,” said William S. White, Mott Foundation president. “While this represents a bold step, we believe it is important to continue the momentum in the redevelopment of downtown Flint and the growth of higher education opportunities, which are critical to the future economic success of downtown and Genesee County.”
“The redevelopment of the Character Inn for student housing is a significant milestone and will continue to bring new life to downtown Flint,” said Tim Herman, president of the URC Board of Directors and CEO of the
Genesee Regional Chamber of Commerce.
“Every time we create an opportunity for students to live and learn in downtown Flint, we change the face and the future of our community. We are moving closer to our goal of having 1,000 students living in the central city by 2010. These students will bring new life and new vitality to a city that is rapidly becoming a modern urban center. That is good news for all of Genesee County.”
UM-Flint opened its first on-campus housing in fall 2008, with 308 students filling the $21-million First Street Residence Hall to capacity. The Mott Foundation provided a
$1.75-million grant toward that building.
Last November the Mott Foundation commissioned the Scion Group LLC, a student housing research and development company based in Chicago, to assess the local demand for student housing. Its research revealed that there is a current demand for an additional 474 spaces and projected a future need for nearly 970 beds by the start of the 2013 academic year.
Based on this study, developers believe the converted hotel will help meet these demands beginning this fall. Additional details about the new housing -- including contact information, costs and occupancy dates -- will be released by the URC on the Web site
www.flintstudenthousing.com as they become available.
The Uptown Reinvestment Corporation was formed as a non-profit corporation to strategically target areas in downtown Flint to redevelop. Its focus and vision are to acquire vacant and inactive buildings and redevelop them into mixed-use buildings, using public private partnerships and other innovative development tools. For more information on the project please visit
www.flintstudenthousing.com The Mott Foundation, established in 1926 by an automotive pioneer, is a private philanthropy committed to supporting projects that promote a just, equitable and sustainable society. It supports nonprofit programs throughout the U.S. and, on a limited geographic basis, internationally. Grantmaking is focused in four programs: Civil Society, Environment, Flint Area and Pathways Out of Poverty. Besides Flint, offices are located in metropolitan Detroit, Johannesburg (South Africa) and London. The Foundation, with 2012 year-end assets of $2.28 billion, made 439 grants totaling $91 million. For more information, visit www.mott.org.
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