Wednesday, November 01, 2006

Three more Detroit development projects move forward

New developments in Detroit continue, thanks to some state tax incentives:

*On October 17, Governor Granholm announced that Central Brush Park LLC and 3100 Woodward LLC will move forward on two related developments in Detroit's historic Brush Park neighborhood, which is located between I-75, Mack Avenue, Woodward Avenue and Brush.

The dual development project, which calls for 347 new housing units and commercial and retail space, was approved for state and local tax captures valued at $7.2 million, and a brownfield Single Business Tax (SBT) credit valued at $10 million, by the Michigan Economic Development Corporation (MEDC). The developers will invest $112 million of their own money.

*Plans to redevelop the historic Savarine Hotel in Detroit into 118 market-rate apartments will also move forward, thanks to the MEDC's recent approval of $277,270 in tax credits for the $2.78- million project.

Built in 1926, the Savarine Hotel was a luxury, 524-room hotel in its heydey.

More recently, the historic structure served as a 158-unit, low-income apartment building; it fell into disrepair in 2004.

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