The long-vacant former Grand Traverse Ford dealership site near downtown Traverse City, Mich., will be transformed into a mixed-use development as the result of a brownfield Single Business Tax credit approved by the Michigan Economic Development Corp. The project is expected to involve more than $43 million in private investment and create up to 130 new jobs.

The developer, Federated Properties 124 LLC, will utilize a brownfield tax credit valued at $1 million to transform the site into an approximately 70,000-square-foot development with 18,000 square feet of retail space, 33,000 square feet of office space and possibly 14 condominium units.

“We’re very thankful to the Governor and the Michigan Economic Development Corporation,” Federated Properties’ Mike Uzelac said. “It’s their tool box, along with the dedication and persistence to economic development, that makes it possible for us to make the investment to turn blighted properties into thriving parts of the downtown.”