The Grand River Place project in Detroit involves the redevelopment of the 127,000 sf former Federal Department Store into a multi-level retail, technology, fitness and entertainment establishment. The project is expected to create up to 125 new jobs and spur nearly $13.5 million in private investment.
The redevelopment includes extensive internal demolition and renovation to accommodate modern retail providers. The new center will likely include restaurants, salons, a bank branch, specialty retail stores, a high-tech virtual reality arcade and other entertainment sites.
The project was granted a brownfield Single Business Tax credit of up to $1 million and tax capture of up to $829,000 to prepare the site for redevelopment.
Redevelopment also is planned for the former ITW Woodworth manufacturing facility in Ferndale. The building will be redeveloped into a self-storage facility. The project will be allowed to capture up to $620,326 in state and local taxes to be used to fund demolition, lead and asbestos abatements and infrastructure improvements and site preparation for redevelopment.
"Reuse of vacant and underutilized property is essential to the economic growth and attractiveness of our core communities," said Michigan Gov. Jennifer Granholm said. "These projects will help create new job opportunities and investment becoming a catalyst for future growth."
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