Two Downtown and Mexicantown buildings to benefit from brownfield tax credits.

According to the story:

The projects, slated for the city’s downtown and Mexicantown areas, will involve more than $6.9 million in private investment sparked by state brownfield Single Business Tax Credits approved by the Michigan Economic Development Corporation.

“Redeveloping our state’s core communities is critical to Michigan’s future,” Granholm said. “Redeveloping these vacant sites will help attract businesses, jobs and residents back to Michigan’s largest city.”

The projects are:

• The $5 million redevelopment of the historic Vinton Building on Woodward Avenue two blocks north of Jefferson. The building will have ground-level retail space and owner-occupied condominiums. The developer will use a tax credit valued at $500,000 to remodel the interior to accommodate the condos and restore the façade to meet Department of Interior standards for historical buildings. The city will assist the project through a Neighborhood Enterprise Zone and Obsolete Property designation. The project is expected to create up to 15 new jobs.

• A tax credit valued at $190,500 will help revitalize the 12,500-square-foot Lithuanian Hall located on Vernor Highway in Mexicantown, a 2004 Cool Cities Neighborhood designee. The completed project will contain a mix of commercial, residential and office space and house two nonprofit organizations, Casa de Unidad and Southwest Nonprofit Housing Corporation. Building improvements will include electrical, heating and plumbing upgrades, as well as an energy-efficient roof and air conditioning system. The developer will invest $1.9 million in the project, which will create eight new jobs. The city is expected to support the project with an Obsolete Property Rehabilitation certificate.

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