Detroit, Mich. -- Mayor Dave Bing joined George W. Jackson, Jr., president and CEO of
Detroit Economic Growth Corporation, and Dale L. Watchowski, the
president of REDICO, in recognizing the vote today by the Detroit City
Council that granted tax increment financial assistance to the Gateway
Marketplace retail development project. REDICO is the developer of the
project and represents the property owners, Detroit Gateway Park Outlet
Mall, LLC.
"Gateway Marketplace will be the largest retail
development in Detroit in 40 years, and it can't come one day too
soon," said Mayor Dave Bing. "I appreciate this milestone vote from the
Council for a very important project to the city of Detroit." The Gateway Marketplace project is a retail shopping center with a
195,000 sq. ft. Meijer planned as its anchor tenant. The estimated $62
million, 360,000 total sq. ft. project is being developed on 34 acres
of land at the corner of Woodward Ave. and 8 Mile Rd., adjacent to the
State Fairground.
DEGC has been working with the project developer, REDICO, the property
owners, Detroit Gateway Park Outlet Mall, LLC, and the Eight
Mile/Woodward Corridor Improvement Authority to facilitate the tax
increment financing package. It is expected to generate $10.75 million
in taxes from the increased value of the property; that revenue can be
used to cover eligible development costs. DEGC also facilitated a
brownfield plan that anticipates $5.9 million in tax credits to support
the project.
"This is a high-impact project that confirms the economic progress this
city is making every day," said George W. Jackson, Jr., president and
CEO of DEGC. "It's gratifying to see the members of the City Council
voting to give Detroiters more choices in where they shop for their
everyday items. It will be well worth the investment they are making in
the project." Dale L. Watchowski, president and CEO of REDICO said, "REDICO and the
ownership of Gateway Marketplace are pleased with the Council's
affirmative vote supporting the tax-increment financing for this
development. This Meijer-anchored retail center will provide residents
with access to shopping opportunities previously unavailable within the
City of Detroit and act as a catalyst for redevelopment of the entire
area as well as providing 900 new jobs. We look forward to commencing
construction within months with the center opening in the spring of
2013." Background
Detroit Economic Growth Corporation (DEGC) is a non-profit organization
that serves as the lead implementing agency for business retention,
attraction and economic development initiatives in the city of Detroit.
DEGC is led by a 60-member board comprised of business, civic, labor
and community leaders. Its 35 professionals provide staff services for
key public authorities that offer tax credits and other forms of
financing for projects that bring new jobs or economic activity to the
city. Among them: the Downtown Development Authority (DDA), Detroit
Brownfield Redevelopment Authority (DBRA), Economic Development
Corporation (EDC), Neighborhood Development Corporation (NDC), Local
Development Finance Authority (LDFA), Eight Mile/Woodward Corridor
Improvement Authority, and Tax Increment Finance Authority (TIFA). DEGC
also provides planning, project management and other services under
contract to the City of Detroit.
REDICO is a diversified,
dynamic national real estate development, construction, and property
management firm. Employing bold vision and meticulous planning to
deliver consistent success, REDICO has grown to include diversified
activities in development, capital partnering, design, construction,
leasing, property management, consulting, and other endeavors across
the United States. REDICO's energetic diversification encompasses the
office, retail, residential, industrial, entertainment, and public
works real estate arenas spanning the United States; its portfolio now
exceeds $1 billion in value and encompasses over 13.5 million sq. ft.
of diverse space.
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Media contacts: For DEGC Bob Rossbach
313-402-9831
bob@rossbach.tv For REDICO Ken Till
Vice President of Development
(248) 827-1700 |