Jackson officials entered into an option agreement this week with Home Renewal System, LLC to redevelop the Hayes Hotel downtown.

HRS Senior Vice President Shannon Morgan said the company plans to incorporate the hotel into a mixed use development including market-rate apartments, hotel rooms and space for commercial applications.

HRS has a long history of redeveloping historic structures in the state of Michigan, including a $15.3 million renovation of a vacant orphanage in Marquette and the development of a 38-apartent building for seniors at a long-vacant high school in Freemont.

The agreement grants HRS the ability to begin development on the Jackson landmark for 12 months at the cost of $1. If the developer exercises the option to buy within the year, the purchase price for the property would be $120,001.

“We handpicked the Hayes Hotel because it is a beautiful landmark building that is easily walkable to conveniences, amenities and opportunities in downtown Jackson,” Morgan said. “The success of all our projects is based on establishing local partnerships. We are very excited to bring new life to this historic asset and be part of the resurgence of downtown Jackson.”

HRS has directed the development of 25,000 housing units throughout the country. Their portfolio features a diverse range of projects, including adaptive reuse, residential housing, historic renovation, land development, mixed-use development and housing renovation.

Jackson Mayor Bill Jors said at the June 28 Jackson City Council meeting he’s optimistic that HRS can work to redevelop the vacant Hayes Hotel. Council voted unanimously to sign the option agreement with the company; Morgan signed on behalf of HRS on June 24.

In an interview on JTV, Mayor Jors said the developer plans to align with a major hotel chain such as Marriott or Hilton. The Mayor credited the Anchor Initiative and City Manager Patrick Burtch for their efforts in putting the deal together.

Per the agreement, the city will provide HRS 145, $50 parking spaces downtown if the developer purchases the property.

Jors said it will likely be 2017 before actual work would begin on the project.

Link to original article: JTV