[DetroitSky]

City estimates Detroit home values rose 20 percent last year

The city of Detroit announced yesterday that its 2020 assessments of residential property taxes are expected to increase by an average of 20 percent. If correct, it would mark the largest increase in home values since 1997.

It would also mark three years of growth after 17 consecutive years of declining home values.

“This is great news for Detroit homeowners, particularly those who held on to their properties and stayed in the city,” Mayor Mike Duggan said at a Tuesday press conference announcing the findings.

According to the city, nearly half of Detroit’s neighborhoods saw their average home value increase between 20 to 30 percent. Those neighborhoods includes large swaths of Corktown, Boston-Edison, Southwest Detroit, the Villages, Jefferson-Chalmers, East English Village, the Live6 area, and others. Only 4 percent of neighborhoods saw home values decrease.

Eastern Market food hub among projects awarded tax incentives

A mixed-use food hub planned for Detroit’s Eastern Market is another step closer to construction after the Michigan Strategic Fund board on Wednesday approved $2.2 million in state tax incentives for the project.

The Mosaic Eastern Market Redevelopment Project will rehabilitate a 111,855-square-foot industrial building at 3500 Riopelle. Once complete, it will house Eastern Market Corp.’s accelerator for food entrepreneurs, a mix of food-based businesses, and 16,680 square feet of restaurant space, according to the Michigan Economic Development Corp.

Mosaic at Eastern Market

The MSF board approved $1.6 million in state tax incentives for a mixed-use development planned for 7891 East Jefferson. The project, known as Jefferson Van Dyke 2 LLC, will also receive a $3.3 million Michigan Community Revitalization Program performance-based loan.

Jefferson Van Dyke


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The Osi Apartments at West End, a mixed-use development planned for 3820 Grand River, was awarded nearly $195,000 in state tax incentives Wednesday as well as a $1.2 million Michigan Community Revitalization Program performance-based loan.

The project involves the construction of a four-story, mixed-use building along the Grand River corridor in the Woodbridge neighborhood. When complete, the development will include retail space and 30 units of mixed-income residential housing, according to the MEDC.

Osi Art Apartments at West End

Detroit’s Atwater Brewery to be Acquired by Chicago’s Tenth and Blake Beer Co.

Detroit’s Atwater Brewery has entered into an agreement to be acquired by Chicago’s Tenth and Blake Beer Co., the U.S. craft division of Colorado’s Molson Coors Beverage Co. Atwater is known in Michigan for its ales and traditional German-style lagers. Details of the transaction were not disclosed.

“The agreement with Tenth and Blake is both the culmination of our past and the catapult to our future,” says Mark Rieth, owner of Atwater. “For Atwater to continue to grow, it will require both capital and brewing expertise. Tenth and Blake brings both, which makes them the ideal strategic partner to help us continue to live our mantra, ‘Born in Detroit. Raised everywhere.’”

Rieth and his team will continue to lead Atwater’s day-to-day operations.

Atwater Block Brewery was founded in 1997 and revived Detroit’s brewing tradition from its location in the historic Rivertown district. After investing in the brewery in 2002, Rieth purchased it outright in 2005. Its best-selling beers include Dirty Blonde and Vanilla Java Porter. Other brands such as Better Life Choices and Decadent Dark Chocolate are also in the Atwater portfolio.

Detroit casinos report record-setting revenue in 2019

DETROIT – Detroit’s three casinos set a record for adjusted gross revenue last year, earning $1.454 billion.

According to the state, that amount tops the record $1.444 billion set in 2018.

MGM Grand Detroit and MotorCity Casino both had the highest yearly adjusted gross revenues since they opened in 1999. MGM Grand had a revenue of $623.5 million last year, and MotorCity had a revenue of $493.6 million.