The structures going up across from Frandor Mall aren’t simply new housing and retail spaces. The construction is perceived as a way to strengthen the Lansing-East Lansing link.
“The Red Cedar Development is more than just a large mixed-use project,” said Chris Buck, senior managing director and chief operating officer at Martin Commercial Properties. “It truly galvanizes the region’s three main population bases — MSU, East Lansing and Lansing — by creating a welcoming and functional space for people to come together.”
Not only will the multiuse project generate a stronger tie among the three bases, but it will also bring about an economic impact, according to Christopher Stralkowski, executive project manager for Ferguson Development, which is overseeing the project.
“The Red Cedar development project is an approximate $275 million investment, creating nearly 400 new jobs and over 1,000 induced jobs with a developer-committed provision to utilize both union and local Lansing labor,” Stralkowski explained.
The project was on hold last year because of the COVID-19 pandemic. But Buck said the statewide shutdown had limited impact on the project.
“Despite the pandemic, the project is moving forward according to plan. While the long-term effects of the pandemic on the commercial real estate market are not yet determined, multifamily, hospitality and mixed-use projects have shown good returns for investors,” Buck said.
“At the Red Cedar Development, the sheer massing of on-site residential density; over 1,300 beds within the project; and the proximity to MSU, Frandor and the U.S. 127/I-496 interchange is sure to boost sales and overall performance for retailers and restaurants on the first floor,” he added.