Not only are businesses investing in Detroit, they’re rebuilding. The Detroit Brownfield Redevelopment Authority (DBRA) and Detroit City Council have approved brownfield tax increment finance incentive plans for four development projects set to bring in some serious investment and jobs for the Motor City.
- Wurlitzer Hotel, Grand Circus
- Mack Athletic Complex, Mack Avenue
- Casamira Apartments, New Center
- Erskine Mixed Use Development, Woodward Avenue
Upon completion, the projects are estimated to bring approximately $94 million in investment, over 100 new jobs and 243 residential units to Detroit.
Tax Increment Financing (TIF) reimbursement, in accordance with an approved brownfield plan, is a tool that can assist in redeveloping blighted, functionally obsolete or contaminated properties. Developers of eligible brownfield properties can be reimbursed for costs such as remediation, demolition, infrastructure and site preparation activities from tax-increment revenues generated by the project.
“These four projects are the latest demonstrations of just how powerful brownfield plans are as urban redevelopment tools,” said Art Papapanos, chief board administration officer, Detroit Economic Growth Corporation.
1509 and 1501 Broadway, Grand Circus
An extensive rehabilitation of the vacant Wurlitzer Building, built in 1926, into a 100-room hotel which will also contain a street-level café and bar, a second-floor restaurant and meeting space, and a roof-level lounge with direct access from the street.
Project developer: HM Ventures Group 6, LLC
Mack Athletic Complex
4290 and 4300 Marseilles
The abandoned Hanstein School on Mack Avenue was razed in order to build a 40,000 sq. ft. indoor, domed multi-sport field house as well as training facilities for multiple youth sports. The former school administrative building will be renovated as offices and meeting space. Construction is scheduled to be complete by fall of 2015.
Project developer: PDRM Properties
680 Delaware, New Center
An extensive rehabilitation of a vacant apartment building into 44 one- and two-bedroom rental units ranging in size from 643 to 1,057 sq. ft. is planned. One-fourth of the units will be affordable units for tenants at 50% to 60% AMI (area median income). Construction is set to be completed by late 2016.
Project developer: Central Detroit Christian Community Development Corporation
Erskine Block Mixed Use Development
3100 Woodward Block
Construction of a mixed use development including 199 units of market rate housing, 14,000 sq. ft. of ground floor retail and a 301-space parking structure is currently underway. Apartments will consist of studio, one-, two- and three-bedroom units ranging from 393 to 1,183 sq. ft. in size. A swimming pool and outdoor recreation center are planned for the second floor. Construction is set to be completed in 2018.
Project developer: Woodward & Erskine, LLC.
Director of Brownfield Redevelopment