Excerpts from the article:
In Detroit’s northern Brush Park, the $7.3 million redevelopment of several properties is aided by a MEGA board-approved plan to capture $1.1 million in state and local taxes to assist with project costs.
The project includes converting the former Melrose Hotel to 30 condominiums, turning an adjacent building into a heated parking area, and creating a commercial strip.
The state granted Boulder Developments a $730,000 SBT brownfield-redevelopment credit toward the project in October.
For a Midtown Detroit project, the MEGA board approved a plan to capture $948,500 in state and local taxes for the $6.4 million redevelopment of the former Eddystone Hotel.
Eddystone Development plans to create 60 one- and two-bedroom loft-style condominiums and street-level commercial space. The state in June granted a $641,603 SBT credit toward the project.
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