Posted Apr 22, 2025, 8:44 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 4,410
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Real estate developer bets on growth with lower-cost projects near Henry Ford Health campus
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Brownell, a veteran of the mortgage space with stints at now-Rocket Mortgage and the now-defunct Home Point Financial, said he’d long wanted to work more on the residential development side. Aside from his work at Holcomb, he’s also built up a small apartment portfolio in the Downriver suburbs where he grew up.
The two vacant buildings now owned by Holcomb, located just south of West Grand Boulevard, are slated for conversion to 40 residential units, which Brownell said will be “naturally affordable,” priced at between 60% and 80% of the area median income, or between $42,420 and $56,560 for a single person in Wayne County. The two buildings would also have six ground-floor commercial spaces, with one of them likely home to a daycare center, something Brownell said has been identified as a need in the area. Completion is expected in the fall.
From its purchase of The Belcrest apartment building in Midtown to its redevelopment efforts near New Center, Brownell said the company has eschewed “complicated capital stacks,” instead favoring the city’s Neighborhood Enterprise Zone property tax abatement program, which significantly lowers the property tax bill for the owner.
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https://www.crainsdetroit.com/real-estate/holcomb-development-capitalizes-henry-ford-health-project
BAMF secures tax incentives for $94M Detroit project
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Grand Rapids-based BAMF Health has secured tax incentives to further its plans to create 90 jobs and invest $93.8 million in a new center in downtown Detroit.
As part of the project, BAMF will serve as the anchor tenant at Bedrock’s planned Gratiot Life Science Innovation Building on Gratiot Avenue at I-375, occupying the 45,000-square-foot first floor of the building. Tuesday, the Michigan Strategic Fund approved a $1.5 million performance-based grant toward the project as well as a 15-year state essential services assessment exemption, forgoing some property taxes on its project to the tune of $982,000.
“BAMF Health’s investment in Detroit will bring good-paying jobs and millions in economic growth to Wayne County,” Governor Gretchen Whitmer said in a press release. “BAMF’s new facility will help them better serve Michigan patients. It will reinforce Michigan’s reputation as a leader in health care and the best place to pioneer cutting-edge technology that not only grow our economy but makes peoples’ lives better. Let’s keep working together to build a healthier, more prosperous future for all Michiganders.”
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https://www.crainsdetroit.com/health-care/bamf-health-secures-tax-incentives-94m-detroit-project
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