BENTON CHARTER TOWNSHIP, Mich., (April 18, 2023) - Lormax Stern, a leading commercial real estate development and management company, has announced plans to redevelop the former Rite Aid building in Benton Charter Township into a modern retail and commercial space.
The property at 1701 M-139 is a high-traffic retail corridor that has been vacant for several years despite efforts to find a new tenant.
Project revitalization will include a new storefront, modern amenities, and a redesigned façade to enhance the building's visibility. It will create new jobs and generate added tax revenue for Benton Charter Township and provide other small business opportunities. The project has been met with community enthusiasm and support.
Lormax Stern submitted a request for a Commercial Rehab Exemption for the project. Benton Township approved a 10-year exemption to provide the necessary financial support to complete the redevelopment and at the same time generate significant community economic benefits.
"We're thrilled to have the opportunity to redevelop this area and create new dining and retail options for our community," said Zach Vaughn, Director of Community Improvement at Cornerstone Alliance. "Our goal is to create a vibrant and dynamic destination that will serve as a catalyst for economic growth and development in the area. This is a prominent area with high visibility. The investment by Lormax Stern will transform this intersection."
“This project represents a significant investment in our community, and it will have a positive impact on both our local economy and the quality of life for our residents,” added Cathy Yates, Benton Charter Township Supervisor. “We look forward to seeing this project come to fruition and to the continued growth and prosperity of Benton Charter Township."
Lormax Stern is a long-time partner in Berrien County, having invested tens of millions of dollars in the area. Lormax Stern has a track record of successful real estate development, and the company is committed to working closely with the community to ensure that the project meets the needs of local residents and businesses. They've already begun to engage with local stakeholders to gather feedback and input on project design and development.
"We know that this redevelopment project will have a significant positive impact on the local community, and we are committed to ensuring that the project meets the needs of everyone involved," said Matt Drozd, Director of Property Management at Lormax Stern. "We look forward to continuing to work closely with Benton Charter Township and Cornerstone Alliance as we move this exciting project forward."
Lormax Stern plans to begin the redevelopment project construction later this year.
The property at 1701 M-139 is a high-traffic retail corridor that has been vacant for several years despite efforts to find a new tenant.
Project revitalization will include a new storefront, modern amenities, and a redesigned façade to enhance the building's visibility. It will create new jobs and generate added tax revenue for Benton Charter Township and provide other small business opportunities. The project has been met with community enthusiasm and support.
Lormax Stern submitted a request for a Commercial Rehab Exemption for the project. Benton Township approved a 10-year exemption to provide the necessary financial support to complete the redevelopment and at the same time generate significant community economic benefits.
"We're thrilled to have the opportunity to redevelop this area and create new dining and retail options for our community," said Zach Vaughn, Director of Community Improvement at Cornerstone Alliance. "Our goal is to create a vibrant and dynamic destination that will serve as a catalyst for economic growth and development in the area. This is a prominent area with high visibility. The investment by Lormax Stern will transform this intersection."
“This project represents a significant investment in our community, and it will have a positive impact on both our local economy and the quality of life for our residents,” added Cathy Yates, Benton Charter Township Supervisor. “We look forward to seeing this project come to fruition and to the continued growth and prosperity of Benton Charter Township."
Lormax Stern is a long-time partner in Berrien County, having invested tens of millions of dollars in the area. Lormax Stern has a track record of successful real estate development, and the company is committed to working closely with the community to ensure that the project meets the needs of local residents and businesses. They've already begun to engage with local stakeholders to gather feedback and input on project design and development.
"We know that this redevelopment project will have a significant positive impact on the local community, and we are committed to ensuring that the project meets the needs of everyone involved," said Matt Drozd, Director of Property Management at Lormax Stern. "We look forward to continuing to work closely with Benton Charter Township and Cornerstone Alliance as we move this exciting project forward."
Lormax Stern plans to begin the redevelopment project construction later this year.