Wednesday, November 17, 2004

MEGA Awards $9.6 Million for Brownsfield Developments in Downtown Detroit area

Thanks to the approval of a $3.8 million single-business tax credit by the Michigan Economic Growth Authority yesterday, 1001 Woodward Office LLC - a developer - can move forward with its plans for a $50.5 redevelopment at Woodward and Michigan avenues.

Along with two other unnamed development companies, the people at 1001 Woodward Office plan to raze several vacant properties in the area and are aiming to construct an 18,000 sq retail area, along with a new parking structure. According to an article in Crain's Detroit Business yesterday, the developers also intend on renovating a nearby existing 21-story office building, which will include condominums on the upper floors.

MEGA's approval of the 1001 Woodward SBT was not the only positive news the organization gave to Detroit yesterday, however; it also approved a $5.6 million brownsfield SBT for an area along Detroit's eastside. The site, which will be located on seven acres of the riverfront, will assist developer River Pointe Development Company Limited Partnership in its $56 million vision to build six to ten new office buildings. Yesterday, Crain's Detroit reported that the developer aims to create 300 new housing units amongst the new buildings.