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Detroitman
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Username: Detroitman

Post Number: 1017
Registered: 06-2004
Posted on Friday, November 03, 2006 - 1:52 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

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
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Mayor_sekou
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Username: Mayor_sekou

Post Number: 231
Registered: 09-2006
Posted on Friday, November 03, 2006 - 2:30 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Where on the eastside is this project being constructed?
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Detroitman
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Username: Detroitman

Post Number: 1019
Registered: 06-2004
Posted on Friday, November 03, 2006 - 2:36 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

According to the press release on the MEDC's website it will be built in the McDougall Hunt neigborohood.
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Lmichigan
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Username: Lmichigan

Post Number: 4632
Registered: 10-2003
Posted on Friday, November 03, 2006 - 4:03 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Attached, stacked, multifamily, townhomes...?
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Frenchman_in_the_d
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Username: Frenchman_in_the_d

Post Number: 88
Registered: 08-2006
Posted on Friday, November 03, 2006 - 9:38 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

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!
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Yvette248
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Username: Yvette248

Post Number: 25
Registered: 10-2006
Posted on Friday, November 03, 2006 - 12:16 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

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.
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Wilus1mj
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Username: Wilus1mj

Post Number: 139
Registered: 05-2005
Posted on Friday, November 03, 2006 - 3:15 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

What streets does this project border?

Is it a rehab of an old building or completely new structure?
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Llyn
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Username: Llyn

Post Number: 1688
Registered: 06-2004
Posted on Friday, November 03, 2006 - 4:06 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)


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.
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Eric_c
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Username: Eric_c

Post Number: 881
Registered: 11-2003
Posted on Friday, November 03, 2006 - 5:11 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

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!
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Swingline
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Username: Swingline

Post Number: 617
Registered: 11-2003
Posted on Friday, November 03, 2006 - 5:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

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.
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Eric_c
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Username: Eric_c

Post Number: 882
Registered: 11-2003
Posted on Friday, November 03, 2006 - 5:34 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Good history, Swingline! Hence the name Silvercup JV, LLC referenced in the MEDC blurb! Very nice.

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