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Mixed-Use Project Gets Local, State Financial Help

DETROIT-A $3.8-million small business tax credit and $308,334 in tax incentives will help build 18,000 sf of retail space, a parking garage and redevelop a 21-story office building to condominiums.

By Dan Heaton | Updated on November 17, 2004

DETROIT-A mixed-use development and parking structure have been given tax credits to begin work in the city. 1001 Woodward Office LLC will partner with two other LLC entities to use a brownfield SBT credit valued at $3.8 million and local and state tax capture valued at $308,334.

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.

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