Excelda Manufacturing has suspended all plans for construction on its new corporate headquarters location in downtown Brighton.
The automotive parts manufacturer purchased the former Chamber of Commerce property at Hyne and North Streets from the Downtown Development Authority (DDA) last year.
of a two-story, 12,000 square foot building in February, and construction was to begin this spring.
After receiving construction bids and reviewing finance alternatives, there is a significant gap in the the cost of construction and the market value of the completed project, Excelda stated in a press release.
Excelda said its intention is to keep the property while determining other options.
Brighton DDA and Community Development Director Matt Modrack said the company contacted the city to let them know of its decision several days before issuing a press release.
"Downtown Brighton would benefit tremendously from a Excelda Corporation headquarters at the former Chamber site, but we have other new projects coming in to downtown and I’m certain we will continue to grow," Modrack said. " I’m happy to have Excelda simply as a property owner in downtown and I expect something good to happen on that site at the appropriate time."