Most of the pieces are in place for construction to begin on the largest development north of Mack Avenue since the 1920s.
Crain’s Detroit Business reports that the Midtown site has received $58.3 million in incentives through the state’s Brownfield Redevelopment Program. On Tuesday, the Michigan Strategic Fund board approved the financing. The same day, Detroit City Council approved rezoning for the site and the recently negotiated community benefits agreement.
Now that these major hurdles have been cleared, the developer Real Estate Interests LLC expects construction to begin in September, with the first phase done by the second quarter of 2021.
Negotiations around the CBA kicked off in April this year and were finalized in early June. The final terms of the agreement aren’t terribly onerous on the developers.
The Neighborhood Advisory Council made requests about maintaining consistent construction times, mitigating dust exposure, and keeping traffic disturbances to a minimum, among other items. Post-construction, the council asked for a percentage of retail space be reserved for local businesses, the creation of a dog park, and improvements to the John R pedestrian walkway…Continue Reading or Check Out Our Exclusive, Off-Market Real Estate Investing Opportunities!