Tax incentive could bring upscale apartments, shops to downtown Saginaw

A Chicago-based development group is looking to take advantage of a possible tax incentive in downtown Saginaw that would renovate two properties.

Residents in Saginaw had the chance to weigh in Monday night on a proposed tax incentive for a downtown development project.

City council says it plans to vote on whether to approve rehabilitation grants for the Bancroft House and Eddy Place Properties downtown.

Developers are planning on spending $5 million under the incentive to give downtown Saginaw a bit of a facelift.

The only people that came forward Monday, however, were members from the property buyers-- Lakeshore Management.

The chicago based development group said that the renovated buildings will bring upscale, trendy commercial and residentail rentals to quality tenants and store owners.

They say their plan under the obsolete property rehibilitatiion act will be crucial to the renewal of downtown Saginaw.

They also said the city holds plenty of historical buildings with many possibilities.

The two buildings combined would house 152 residential units.

Construction would start immediately after approval--- and they are hopeful that folks can start moving in by the middle of July.