The-New-Tony-Detroit
Dec 20, 2006, 1:11 AM
Tax Breaks announced in Crain's Detroit Business today (my odds for these projects being completed (based on length of time since project has been announced, track records of developers and Detroit's general pace of development) are in brackets next to each)
Griswold/Capital Park. Detroit developers 150 Michigan Ave L.L.C. and Griswold Capital Park L.L.C. will use a $3.6 million state brownfield single-business-tax credit to redevelop a site at the northwest corner of Michigan Avenue at Griswold. The $47.3 million, 13-story mixed-use project is to feature 80 condos built on top of a planned 500-space parking garage. {65%-with all but 4 units now sold in the Book Cadillac and every loft/condo project done recently in the city selling well, this one has nothing but the wind behind it's sales - plus if this one sells well then there will be a rush -a mad rush even - for Capitol Park properties to be rehabbed sooner than later}
Book Tower. Grand Rapids-based Northeast Commercial Services Corp. was granted a $3.5 million brownfield single-business-tax credit and state and local tax capture of $4.7 million for a $35 million redevelopment of the 13-story Book Building and the 36-story Book Tower on Washington Boulevard. Dating from 1918 and 1925, respectively, and now functionally obsolete, the two buildings are to be redeveloped into 175 condos and 108,000 square feet of commercial space, with the first two floors of both buildings converted into an atrium, fitness facility and restaurants {65% - Here we actually have an annoucement that is only half a year old that is already showing some teeth. The Book will sell well too because the price point will be much lower, welcoming in more middle class buyers to downtown. The sticking point remains the retail portion and how they plan to create this atrium, market and lease this atrium. If done correctly one could expect some of the retailers downtown desperately needs for this residential base - dry cleaners, shoes store, a video rental place perhaps?, some mid priced dining options with carry out/catering possbilities, and an office supply or drug store would be great. If the atrium involves restoring the long hidden glass skylight then it may become an attraction in and of itself, like the Guardian.}
Studio One/Wayne State University. Brownfield incentives including $7.5 million in state and local tax capture and a $1.9 million single-business-tax credit will be used by Detroit-based developer Studio One Apartments L.LC. to build a mixed-use development on the former Vernor’s ginger ale plant site on Woodward Avenue between Canfield and Forest avenues. The project is to include a five-story building with retail shops, 130 apartments and an 800-space parking garage. Studio One is to invest $19.5 million in the project, and Wayne State University has pledged invest about $11 million toward the parking structure. {55% - This one really hit me right between the eyes, as I was pretty sure South Village was dead for the time being. What a massive win-win this will be - more students, more retail and more Woodward density. The rumormill continues to say that there will be another big redevelopment of the SW Warren-Woodward corner with conference space for the university, and combine this, South Village, the Tech Town announcements AND the approved new business school heading for Woodward and Palmer and you have WSU finally making good on their pledge to refront the campus towards Woodward not away from it. I'm still skeptical that WSU will get cold feet, however}
Fox Creek. Far East Side Development L.L.C. will use brownfield incentives including $55 million in state and local tax capture and a $3.7 million single-business-tax credit toward a massive reclamation of a largely vacant 140-acre area roughly bordered by Kercheval, Eastlawn, East Jefferson and Alter to include a mix of 700 residential units and a commercial development. The project is expected to result in creation of three jobs and private investment of $40.6 million. {35% - Long announced, the East Side Project will be a very long process in builing a new neighborhood in the city. While many have criticized the project ("why not build a whole new neighborhood in the blighted areas north of Eastern Market and closer to downtown?") I can understand why the city is working on neighborhoods further away from downtown first. I think when me and my husband have two kids someday they will still be building this project.}
Uniroyal site. A $10 million brownfield single-business-tax credit and state and local tax capture of more than $121.4 million is to be used by Pittsburgh-based Bettis/Betters Development L.L.C. to transform the 43-acre former Uniroyal industrial site on East Jefferson Avenue at the foot of the Belle Isle Bridge into a neighborhood of four-to-six story residential buildings of more than 1,000 condos, town homes and apartments. The project will generate approximately $506 million capital investment and create 1,000 jobs. {70% - if you had asked me 6 months ago, I'd have said a 45% chance. Bettis/Betters seem as committed as they were when they announced it in 2005 and while it will take a decade or more to really make this happen, I like the plan, I love the massing and I look forward to enviornmental cleanup to start soon.}
1200 6th Street. The city plans to use $18.9 million in state and local tax capture to demolish the former state of Michigan office building at Sixth and Howard streets to make way for a new five- or six-story office building, parking structure and auxiliary building, to be leased to the Federal Bureau of Investigation. The project is expected to generate $100 million investment in the site by a developer to be determined by the U.S. General Services Administration. {100% - while this is the worst project on the list - it makes another superblock, tears down a skyscraper for a midrise and hurts further Corktown's connectivity to downtown - this one will happen. Expect the same substandard quality as the new Federal Reserve complex.}
Grand Van Dyke. The city will use $2.1 million in state and local tax capture to redevelop the Foodtown Plaza site at 7811 Gratiot Ave. into a new neighborhood shopping area with grocery store, retail space and parking. The project is expected to generate $9 million in capital investment. {?% - but anything that brings a grocery store gets points in my book - It's a GLORY!}
Jefferson Village. The city is to use $3.5 million in state and local tax capture to continue development of the Shops at Jefferson Village, adding 325 residential units, after infrastructure improvements including a new seawall and levee system. Private sector investment estimated at $81.2 million is anticipated. {95% - the neighborhood continues to grow year after year - and while some detest it's suburban qualities, its raking in far more in home price that it was expected and it continues the drive to bring middle class back to the city with newer, more modern homes}
An excellent day for Detroit!
Griswold/Capital Park. Detroit developers 150 Michigan Ave L.L.C. and Griswold Capital Park L.L.C. will use a $3.6 million state brownfield single-business-tax credit to redevelop a site at the northwest corner of Michigan Avenue at Griswold. The $47.3 million, 13-story mixed-use project is to feature 80 condos built on top of a planned 500-space parking garage. {65%-with all but 4 units now sold in the Book Cadillac and every loft/condo project done recently in the city selling well, this one has nothing but the wind behind it's sales - plus if this one sells well then there will be a rush -a mad rush even - for Capitol Park properties to be rehabbed sooner than later}
Book Tower. Grand Rapids-based Northeast Commercial Services Corp. was granted a $3.5 million brownfield single-business-tax credit and state and local tax capture of $4.7 million for a $35 million redevelopment of the 13-story Book Building and the 36-story Book Tower on Washington Boulevard. Dating from 1918 and 1925, respectively, and now functionally obsolete, the two buildings are to be redeveloped into 175 condos and 108,000 square feet of commercial space, with the first two floors of both buildings converted into an atrium, fitness facility and restaurants {65% - Here we actually have an annoucement that is only half a year old that is already showing some teeth. The Book will sell well too because the price point will be much lower, welcoming in more middle class buyers to downtown. The sticking point remains the retail portion and how they plan to create this atrium, market and lease this atrium. If done correctly one could expect some of the retailers downtown desperately needs for this residential base - dry cleaners, shoes store, a video rental place perhaps?, some mid priced dining options with carry out/catering possbilities, and an office supply or drug store would be great. If the atrium involves restoring the long hidden glass skylight then it may become an attraction in and of itself, like the Guardian.}
Studio One/Wayne State University. Brownfield incentives including $7.5 million in state and local tax capture and a $1.9 million single-business-tax credit will be used by Detroit-based developer Studio One Apartments L.LC. to build a mixed-use development on the former Vernor’s ginger ale plant site on Woodward Avenue between Canfield and Forest avenues. The project is to include a five-story building with retail shops, 130 apartments and an 800-space parking garage. Studio One is to invest $19.5 million in the project, and Wayne State University has pledged invest about $11 million toward the parking structure. {55% - This one really hit me right between the eyes, as I was pretty sure South Village was dead for the time being. What a massive win-win this will be - more students, more retail and more Woodward density. The rumormill continues to say that there will be another big redevelopment of the SW Warren-Woodward corner with conference space for the university, and combine this, South Village, the Tech Town announcements AND the approved new business school heading for Woodward and Palmer and you have WSU finally making good on their pledge to refront the campus towards Woodward not away from it. I'm still skeptical that WSU will get cold feet, however}
Fox Creek. Far East Side Development L.L.C. will use brownfield incentives including $55 million in state and local tax capture and a $3.7 million single-business-tax credit toward a massive reclamation of a largely vacant 140-acre area roughly bordered by Kercheval, Eastlawn, East Jefferson and Alter to include a mix of 700 residential units and a commercial development. The project is expected to result in creation of three jobs and private investment of $40.6 million. {35% - Long announced, the East Side Project will be a very long process in builing a new neighborhood in the city. While many have criticized the project ("why not build a whole new neighborhood in the blighted areas north of Eastern Market and closer to downtown?") I can understand why the city is working on neighborhoods further away from downtown first. I think when me and my husband have two kids someday they will still be building this project.}
Uniroyal site. A $10 million brownfield single-business-tax credit and state and local tax capture of more than $121.4 million is to be used by Pittsburgh-based Bettis/Betters Development L.L.C. to transform the 43-acre former Uniroyal industrial site on East Jefferson Avenue at the foot of the Belle Isle Bridge into a neighborhood of four-to-six story residential buildings of more than 1,000 condos, town homes and apartments. The project will generate approximately $506 million capital investment and create 1,000 jobs. {70% - if you had asked me 6 months ago, I'd have said a 45% chance. Bettis/Betters seem as committed as they were when they announced it in 2005 and while it will take a decade or more to really make this happen, I like the plan, I love the massing and I look forward to enviornmental cleanup to start soon.}
1200 6th Street. The city plans to use $18.9 million in state and local tax capture to demolish the former state of Michigan office building at Sixth and Howard streets to make way for a new five- or six-story office building, parking structure and auxiliary building, to be leased to the Federal Bureau of Investigation. The project is expected to generate $100 million investment in the site by a developer to be determined by the U.S. General Services Administration. {100% - while this is the worst project on the list - it makes another superblock, tears down a skyscraper for a midrise and hurts further Corktown's connectivity to downtown - this one will happen. Expect the same substandard quality as the new Federal Reserve complex.}
Grand Van Dyke. The city will use $2.1 million in state and local tax capture to redevelop the Foodtown Plaza site at 7811 Gratiot Ave. into a new neighborhood shopping area with grocery store, retail space and parking. The project is expected to generate $9 million in capital investment. {?% - but anything that brings a grocery store gets points in my book - It's a GLORY!}
Jefferson Village. The city is to use $3.5 million in state and local tax capture to continue development of the Shops at Jefferson Village, adding 325 residential units, after infrastructure improvements including a new seawall and levee system. Private sector investment estimated at $81.2 million is anticipated. {95% - the neighborhood continues to grow year after year - and while some detest it's suburban qualities, its raking in far more in home price that it was expected and it continues the drive to bring middle class back to the city with newer, more modern homes}
An excellent day for Detroit!