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Incentives Can Make Redevelopment Attractive, Schostak Says

DEARBORN, MI-The co-president and chief executive officer of Schostak Brothers tells GlobeSt.com the company sees opportunity knocking on redevelopment projects in certain areas of Detroit and its inner ring suburbs.

By Dan Heaton | Updated on May 20, 2004

DEARBORN, MI-Scrape it and start again. Maybe not a corporate motto, but a business model that one key local real estate developer and owner sees some success in.

Robert Schostak, the third generation of his family to lead Schostak Brothers & Company, says with brownfield tax credits and other incentives in certain areas of Detroit and its inner ring suburbs, creative re-use of property makes sense.

“You may have a building that is obsolete for the purpose it was designed for, the demographics around the property may have changed,” says Schostak, co-president and CEO of the family firm. “With brownfield or other incentives, you can scrape the site, build new and start over. You might be surprised at the marketability of what you know have.”

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