Search
 

Mall Owner Seeks Brownfield Credit

WARREN, MI-The owner of the aging Universal Mall is lobbying for a brownfield designation to get a tax break for a $4-million renovation started three years ago. The city council will hold a hearing Jan. 13 on the request.

By Dan Heaton | Updated on December 22, 2003

WARREN, MI-Universal Mall Properties, which purchased the 760,000-sf Universal Mall at 12 Mile and Dequindre roads in Warren four years ago, is seeking to have the mall declared a “brownfield” site. Such a designation would allow for a tax break on the property, which the owners say would help offset the cost of renovations.

The brownfield statute is more commonly associated with contaminated industrial sites. Universal Mall representatives say there’s no pollution there, but the facility, which was built in the early 1960s, is obsolete because of age and mechanical condition. The state says it has granted brownfield status to shopping centers in the past, though they have been relatively rare.

According to a private engineering study, the mall is deficient and cannot meet the technological demands of retailers. After several years of neglect and financially troubled tenants, Universal Mall three years ago undertook a $4-million makeover for new landscaping, fresh paint and new retailers. The company also hired a new security firm.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.