Downtown Farmington Building Purchase Kicks Grove Street Project into Gear
Anchored by T.J. Maxx and Dress Barn, the building will undergo facade improvements that will coincide with the streetscape project.
According to a Farmington Downtown Development Authority (DDA) press release, Manifold Ventures, a Farmington Hills investment firm, recently purchased the building. Company representatives said they were attracted by a DDA incentive that will provide up to $160,000 for façade improvements, as well as the city’s agreement to leverage the Grove Street Improvement Project to provide financing for the interior of the building.
“Manifold Ventures is very excited to become a part of the Downtown Farmington landscape. We know that our changes to the center will truly make Farmington a better place to live, work, and play,” Charlie Kughn, a Manifold Venture principal owner, said in the release.
The Grove Street project was originally planned as part of the downtown streetscape project, completed in 2009, but economic conditions forced a delay in the planned improvements. Once completed, it will add 15 to 19 parking spaces, DDA officials have said.
The release indicated that Manifold Ventures owners believe downtown Farmington matches their vision of creating a walkable community with great potential. Working with the City of Farmington and the DDA, they hope to attract high quality and desirable tenants to the downtown area.
“Manifold Ventures’ acquisition of the property promises to be a home-run for the downtown,” said Annette Knowles, DDA Executive Director. “Charlie and Ricky will bring a new perspective and energy, and we are excited by their forward-thinking vision for the property.”
Planned changes include improvement to the building’s interior and exterior, with tenant improvement allowances to attract strong tenants and updates to the entire exterior. Improvements are planned for early spring 2013, to coincide with the city’s improvement to Grove Street.
“It was a pleasure to work with the city of Farmington and the DDA to develop an alternative financing plan for the center. The group was extremely efficient with the decision making and very progressive with their plans to enhance Farmington’s downtown,” said Ricky Singh, a Manifold Venture principal owner.
Learn more about Manifold Ventures at www.manifoldven.com.