tThe Detroit City Council announced today it has approved four Detroit Brownfield Redevelopment Authority brownfield tax increment incentive plans for renovation projects in Midtown and downtown Detroit.
t“(Tax increment financing) plans are very powerful urban redevelopment tools, as these projects demonstrate,” says Art Papapanos, vice president of board administration at Detroit Economic Growth Corp., a quasi-public development agency.
tOne of the approved TIF plans will allow Midtown Properties LLC to recover up to $8 million for eligible activities relating to the 3800 Woodward Redevelopment Project — a new Wayne State University Physician Group Medical Office Building that includes retail, office, and medical facilities. This project entails a newly constructed, four-story, 195,000-square-foot mixed-use building and a 624-car parking deck. The estimated total investment is about $73 million.
tIn addition, Queen Lillian has been approved to recover up to about $5 million for eligible activities relating to the Queen Lillian Project, a mixed-use development at 3455 Woodward Ave. and 13 Stimson St. in Midtown. The project will include about 25,000 square feet of retail and 68 one- and two-bedroom apartments with a 230-car parking deck. The estimated total investment will exceed $33 million.
tThe brownfield authority also approved a tax-increment finance plan (TIF) that will allow Du Charme Place LLC to recovery nearly $5 million for eligible activities at Du Charme Place at 1544 E. Lafayette St. The project entails three, four-story buildings with a total of 185 one- and two-bedroom units and 267 parking spaces. The estimated total investment is approximately $30 million.
tIn turn, C&C McGraw Rd. LLC has been approved for a TIF plan that will allow recovery of about $1 million for eligible activities at the Comprehensive Logistics Redevelopment Plant at 9400 McGraw St. The project, which entails completing construction of an approximately 365,040-square-foot distribution/warehouse and office building, has an estimated total investment of about $19 million.
tUnder the brownfield redevelopment financing act, tax increment financing can be used to redevelop properties that qualify as contaminated, blighted, functionally obsolete, or as a historic resource.
