Just because no shovels have hit the dirt, that doesn't mean there hasn't been progress at the vacant Herman Kiefer Hospital complex development near Detroit's Boston Edison neighborhood.
According to
a Detroit News article, head developer Ron Castellano is set to take over the site this spring as part of a $143 million, "multi-year development agreement to rehabilitate and reuse the seven medical complex buildings and 462,605-square-foot main hospital, the former Hutchins and Crosman schools, as well as the JTPA nursing school."
The deal was approved in 2015, but because of the complicated funding package and phased development plan, it took time to transfer the properties. "Castellano explained each piece of the project should raise enough money to support itself and also help fund another piece of the development," writes Christine Ferretti.
An important piece of the total funds will come from potential brownfield development reimbursements totalling $47.7 million to clean up waste from prior developments.
Also noteworthy, the project may be the first in the city to operate under Detroit’s new community benefits ordinance. "The law, approved in November, lays out a process for engaging the community to negotiate job guarantees and other factors for projects worth at least $75 million. The multiphase project is expected to produce at least 1,067 jobs."
Read the full article here.
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