The incentives will help redevelop functionally obsolete and blighted property located within the 1000 block of Woodward in Central Detroit. The developers will demolish vacant buildings to make way for a new multi-level parking structure featuring up to 18,000 sf of retail space on the first floor. The project includes the upgrading of an adjacent 21-story office building located at the northwest corner of Campus Martius and the conversion of the upper floors into residential condominiums.

The new development is expected to create up to 400 new jobs and generate more than $50.5 million in private investment, the state says.

Elsewhere, the River Pointe Development Co. Limited Partnership will redevelop a seven-acre former mobile home park located at 14630 Riverside Blvd. The developer plans to build a combination of low- and mid-rise buildings to accommodate about 300 market-rate residential units. The development will also feature boat slips along a canal bordering the property. The project is expected to generate more than $56 million in private investment, the state says.