The city also has approved architectural and construction plans for the $75-million conversion of the property, on the National Register of Historic Places since 1981. However, the 364,000-sf building on 4.7 acres has been vacant since 2000 when the city ordered it shuttered following a gas leak.
AMA Realty Group's plan included 13,400 sf of retail space along 47th Street. The building once housed Sears and A&P stores, as well as a bank branch.
The tax bill for Michigan Boulevard Garden Apartments has been slashed from $363,680 in 2002 to nearly $50,000 last year, according to property records. However, a buyer could be in line for an eight-year property tax freeze, according to Inland Real Estate Auctions.
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