MONROE, Mich. (WTVG) - La-Z-Boy and the City of Monroe announced Friday the transfer of the former La-Z-Boy world headquarters site to the City of Monroe.
The former headquarters is located on Telegraph Road in Monroe.
According to the city, it is a move that demonstrates the longstanding commitment of La-Z-Boy to the community.
La-Z-Boy was founded in 1927 and finished its new world headquarters in 2015, also located in Monroe. The new headquarters brought in an estimated $66.4 million in new capital investment and created more than a hundred new jobs.
The City of Monroe announced plans to demolish the existing 250,000 square foot building in the spring of 2020. The 26-acre site will be cleared to prepared for commercial and residential development.
According to the city, a $1.2 million loan form the Downriver Community Conference will assist with demolition costs, and additional demolition costs will be paid through brownfield bond financing.
All of the demolition and site preparation costs are expected to be repaid with tax-increment revenue captured through a brownfield redevelopment plan.