Cinnaire recently provided a $8M New Market Tax Credit (NMTC) allocation to support the redevelopment of the former iconic Saginaw News building to create the Saginaw Valley Rehabilitation Center (SVRC) Marketplace, a mixed-use facility that will include a year-round farmer’s market, kitchen incubator, childcare center, CDFI Credit Union, business incubator and retail and office space. Located in an area with a staggering poverty rate, the transformative $21M renovation of the 100,000-square foot building will revitalize downtown Saginaw and be a catalyst for further economic development.
The project is being developed by SVRC Industries, Inc., a non-profit organization that has been providing quality vocational rehabilitation services in Saginaw County and the surrounding community since 1962. It is their mission to create and sustain opportunities and support systems for persons with barriers to employment and community access. The SVRC Marketplace will offer healthy food options, integrated jobs, supportive services and a vibrant gathering space downtown. Multiple payment options will be accepted, including WIC FRESH coupons, EBT cards and Double Up Food Bucks, providing accessibility for low-income customers. The Marketplace will bring an estimated 10,000 people to the downtown Saginaw riverfront weekly.
“We applaud SVRC Industries for their innovation and commitment to improving the lives of Saginaw residents,” said Mark McDaniel, Cinnaire President & CEO. “The Marketplace will bring critically needed amenities to this severely depressed food desert, providing healthy options, access to supportive services and creating jobs. Cinnaire is excited to join
SVRC Industries in supporting community stabilization and economic development in downtown Saginaw by revitalizing this historic building.”