Detroitman
Member Username: Detroitman
Post Number: 1017 Registered: 06-2004
| Posted on Friday, November 03, 2006 - 1:52 am: | |
MEDC gives $1M tax credit to Detroit condo project By Amy Lane 2:39 pm, November 2, 2006 The state has awarded a $1 million tax credit toward a $13 million condominium redevelopment in Detroit, the Michigan Economic Development Corp. said Thursday. The MEDC granted the tax credit toward the redevelopment of a vacant and contaminated site on the city’s east side. St. Paul Community Development Corp. plans to construct 86 condominium units on the site, the MEDC said in a news release. The project entails condo units from 1,100 square feet to 3,000 square feet, with prices from $150,000 to $240,000. The first phase of the project is scheduled to begin this summer. http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2006 1102/REG/61102016/1011 |
Mayor_sekou Member Username: Mayor_sekou
Post Number: 231 Registered: 09-2006
| Posted on Friday, November 03, 2006 - 2:30 am: | |
Where on the eastside is this project being constructed? |
Detroitman
Member Username: Detroitman
Post Number: 1019 Registered: 06-2004
| Posted on Friday, November 03, 2006 - 2:36 am: | |
According to the press release on the MEDC's website it will be built in the McDougall Hunt neigborohood. |
Lmichigan Member Username: Lmichigan
Post Number: 4632 Registered: 10-2003
| Posted on Friday, November 03, 2006 - 4:03 am: | |
Attached, stacked, multifamily, townhomes...? |
Frenchman_in_the_d Member Username: Frenchman_in_the_d
Post Number: 88 Registered: 08-2006
| Posted on Friday, November 03, 2006 - 9:38 am: | |
I have to be honnest here, many many forumers here have managed to make me feel very pessimistic about Detroit. Nevertheless, the past month or so, tons of good news like these have been popping up, preparing the grounds for even more condos, lofts and residential/commercial in Detroit. I'm really sure within 5 years, we could probably have a pre-boom situation with massive tax credits for residential projects within downtown Detroit and/or Detroit! Marvelous news Detroit man! |
Yvette248 Member Username: Yvette248
Post Number: 25 Registered: 10-2006
| Posted on Friday, November 03, 2006 - 12:16 pm: | |
It's kinda like the Tigers. While they were losing, everyone ragged on them. The rebuilding of the team caught "non-fans" by surprise. Detroit was indeed very bad until the mid-90's but is starting to rebuild. Everyone will jump on the bandwagon once the city starts winning. |
Wilus1mj Member Username: Wilus1mj
Post Number: 139 Registered: 05-2005
| Posted on Friday, November 03, 2006 - 3:15 pm: | |
What streets does this project border? Is it a rehab of an old building or completely new structure? |
Llyn
Member Username: Llyn
Post Number: 1688 Registered: 06-2004
| Posted on Friday, November 03, 2006 - 4:06 pm: | |
quote:I'm really sure within 5 years, we could probably have a pre-boom situation with massive tax credits for residential projects within downtown Detroit and/or Detroit!
Personally, I think in the case of downtown, we are already there. The neighborhoods immediately surrouding downtown are just starting to build momentum, except for the east riverfront which will be so desirable that I think it's going straight to high demand. |
Eric_c Member Username: Eric_c
Post Number: 881 Registered: 11-2003
| Posted on Friday, November 03, 2006 - 5:11 pm: | |
I travel East Vernor Highway everyday from the Boulevard to I-75 and have noticed the land being cleared all this week. The parcel could be best described as the triangular section of land bordered by Chene, Gratiot, and Vernor. On the south side of Vernor is Lafayette/Elmwood Park, on the other is vacant land. I've thought for years that this area seemed to be next in line for development; glad it's happening. I'm also glad to know St. Paul AME is involved. They have a beautiful building that is currently surrounded by empty lots, but obviously not for long! |
Swingline Member Username: Swingline
Post Number: 617 Registered: 11-2003
| Posted on Friday, November 03, 2006 - 5:28 pm: | |
Much of this site used to be the Silvercup Bread Bakery site. A Detroit icon in the 40s - 60s. The neighborhood enjoyed the great bakery aromas. Frenchman, don't let the pessimists drive you away. Persevere young man. |
Eric_c Member Username: Eric_c
Post Number: 882 Registered: 11-2003
| Posted on Friday, November 03, 2006 - 5:34 pm: | |
Good history, Swingline! Hence the name Silvercup JV, LLC referenced in the MEDC blurb! Very nice. |