Tax incentives will turn blighted structures into new single-family homes, lofts, apartments and retail space
The Michigan Economic Development Corporation (MEDC) acted last week to keep Detroit's Super Bowl momentum going strong when it approved brownfield tax incentives for three proposed projects in the city.
The incentives -- which, together, will bring more than $724,703 to the three projects -- will be used along with private funds to turn blighted, vacant buildings into new residential and mixed-use developments.
Here are the specifics:
*Gratiot McDougall Homes LLC will use its $319,000+ brownfield tax credit along with $3.1 in private funds to redevelop 22 blighted homes near Gratiot and McDougall on the city's east side.
*The development team at University Lofts LLC will use $2.2 million along with its recently-approved $226,811 brownfield tax credit to redevelop the currently-vacant Mortuary Science Building at Wayne State University into 10 new loft-style condos.
*With its $178,892 brownfield tax credit, Vernor/Scotten Partners plans to redevelop two historic buildings in southwest Detroit into 10 apartments with several hundred feet of ground-floor retail space. Vernor/Scotten Partners will use $1.7 million of private funds to make this project a reality.
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