For Immediate Release

October 2nd, 2012

Shaheen Development Announces Anchor Tenants for Uptown Bay City Development

Three prominent Great Lakes Bay regional employers announced their intentions today to be the first tenants on the Uptown Bay City riverfront site, anchoring the development and marking the beginning of a new era of progress for the 43-acre riverfront site. The Uptown property is under purchase agreement for development by Shaheen Development, a family-owned real estate development company, based in Saginaw and well-known for its revitalization investments and commitment to promoting growth in the regional economy.

“This region is our home, we must continue to invest here,” said Samuel Shaheen, M.D., president and ceo of Shaheen Development. “This portion of the Bay City riverfront is a tremendous asset for the entire region. At so many times in the city’s history it has been the center of bustling commerce. That time has come again. We are confident the people of Bay City will be proud of how the project extends the already vibrant downtown.”

Peter Shaheen is the vice president of Shaheen Development and is leading the development in Bay City. “In addition to the tenants announced today, we are pursuing additional interest for corporate offices, specialty retail, unique restaurant options and complimentary businesses to serve the needs of the hundreds of new employees soon-to-be working and living uptown,” he said. Shaheen’s plans also include residential apartments and a hotel/conference center for the site. Early phase investments in the development could reach $50 million and it is expected that once the project gets into full swing that investment could double. “The Bay City riverfront will be a destination for riverside dining, shopping and recreation, giving residents of the region, and visitors, fresh new options for day and night,” said Shaheen.

The Uptown Bay City development lies between the Veterans Memorial and Lafayette Street bridges. The site has held a variety of industries that have employed generations of Bay City residents from the early years of the lumber industry to Industrial Brownhoist, a manufacturer of large lifting cranes. The property was virtually empty for nearly the past decade after the City relocated Bay Aggregate, a supplier of construction aggregates and ready mixed concrete, to the mouth of the Saginaw River clearing the way for today’s development.

“This is a very exciting time for the citizens of Bay City — a day we envisioned more than 10 years ago when the City acquired the property with the goal of redeveloping the industrial site into a mixed-use development complementing our existing downtown and Columbus Avenue Business District. This vision is now coming to fruition,” stated Robert Belleman, City Manager.

Anchor tenants for Uptown Bay City:

Dow Corning Corporation

Dow Corning will occupy the riverfront corporate office building, estimated for completion in mid-2014 in phase 1 of the Uptown Bay City project. The building will be four stories; more than 100 thousand square feet and will house approximately 400 non-manufacturing employees. “Dow Corning applauds SSP Associates for taking the lead to develop a vacant industrial site and turn it into a vibrant urban business district along the river front. Their vision provides Dow Corning the opportunity to lease new space to meet our corporation’s growing needs,” said J. Donald Sheets, Dow Corning Executive Vice President & Chief Financial Officer. “We recognize how important it is to continually invest in the communities where our employees live and work during both strong and challenging economic times. The Great Lakes Bay Region has been Dow Corning’s home for nearly 70 years, and we plan to keep it that way.”

McLaren Bay Region

McLaren Bay Region‘s tentative plan for the riverside parcel is to develop a medical office building and surgery center, creating a convenient and state-of-the art facility to serve patients from throughout the region. “McLaren Bay Region’s option of ten acres of property as part of the RiversEdge development is further proof of our commitment to the Great Lakes Bay Region, said Alice Gerard,” President and CEO of the 405-bed Bay City hospital. “We are very hopeful that our community will recognize and support the great opportunity this development represents, and we are gratified to be a significant part of what the RiversEdge partners have initiated.”

Chemical Bank

Chemical Bank anticipates establishing a retail branch location in the Uptown Bay City project. In doing so, its ability to service the existing Bay City customer base and expand business opportunities will be significantly enhanced. “This project is truly representative of the dynamic growth and development opportunities available in the Great Lakes Bay Region,” said David B. Ramaker, Chairman, CEO & President of Chemical Bank. “We are thrilled to be part of a project that will transform a vacant property into a hub of commercial and retail activity. Importantly, during a time when other financial institutions are pulling away from providing service and expertise to our region, we stand firmly committed to this area. With more than 95 years of service to this community, we are proud to participate in this outstanding development.”

Read more in the Midland Daily News.