Brownfield tax incentives will help restore three residential buildings on W. Grand Blvd., along with converting a dilapidated industrial complex on the near East Side into a warehouse operation.
The Detroit Brownfield Redevelopment Authority approved tax incentives of $681,000 and $161,000 for the two projects, which will be applied to the developers' total investment of $6.9 million into the city.
"These two projects show how broadly brownfield incentives can be applied to revitalize neighborhoods and encourage business investments," says Art Papapanos,
Detroit Economic Growth Corporation vice president, board administration. "One project will restore affordable housing to stabilize a neighborhood, the other will clean up and put to new use a site that has held a Packard Motor Company factory, an oil-storage facility and a steel processing plant, among others."
S. Dot Development LLC will invest $1.45 million to renovate three multi-family buildings at 1660, 1900 and 1905 W. Grand Blvd. to create 13 separate housing units.
Metro International Trade Services plans to redevelop a large vacant industrial property on Mt. Elliott St. as a warehouse operation. The complex, which has been zoned industrial since 1925, will cost the company a total investment of $5,474,161.
Brownfield-eligible properties allow developers to receive funds to redevelop blighted, functionally obsolete or contaminated properties. Both developers expect to apply for Michigan Business Tax Credits and reimbursements.
Source: Detroit Economic Growth Corporation
Writer: Ashley C. Woods
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