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Posted May 21, 2019, 10:25 PM
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Moderator
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Join Date: Aug 2006
Location: Detroit
Posts: 2,461
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State, city approve FCA incentives packages, land swap totaling at least $311.6 million
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Fiat Chrysler Automobiles is getting a package of taxpayer incentives worth as much as $311.6 million in tax breaks, captured taxes for newly created jobs, government-funded job training, free land and grants for its $4.5 billion investment in five manufacturing facilities in Southeast Michigan.
Detroit City Council and the Michigan Strategic Fund's board voted separately Tuesday on incentives packages tied to FCA US LLC's creation of more than 6,433 new jobs across multiple plants, 4,950 of which will be in Detroit.
"This is the biggest automotive assembly plant deal in the United States in a decade," Gov. Gretchen Whitmer said Monday at a midafternoon news conference in Lansing. "And it's the second-largest overall automotive deal for new jobs or private investment across the United States during that time."
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Dozens of new liquor licenses could be issued in Detroit if approved by City Council, state
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City Council is expected to refer the item Tuesday to the Planning and Economic Development Committee to review Thursday a resolution allowing 20 businesses to secure special licenses that let them sell alcohol for on-premises consumption. The city says a total of 63 such licenses could be issued, with more every three years, if the state approves the licenses in a "City Redevelopment Area" established by the city late last year.
The licenses would be above and beyond the city's maxed-out quota of Class C liquor licenses, the most common — and coveted — type for restaurants and bars. They would also cost one-fourth the price of a typical license.
"Liquor licenses are very expensive at the moment because of a high demand and a limited supply," according to a summary of the proposal provided by the city. "To mitigate this high expense for small and medium size businesses, we are proposing to establish a City Redevelopment Area, which would allow for businesses to purchase a liquor license, straight from the State Liquor Control Commission.
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Develop Detroit plans new neighborhood fund as it makes progress on 70-home project
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As Develop Detroit plugs away at its plan to renovate and build 70 homes in north Detroit, it is also working to develop a new neighborhood fund to prop up similar projects.
The Detroit-based nonprofit developer is a year into its $6.5 million homebuilding effort in the North End and Grandmont Rosedale neighborhoods. Phase one is expected to be complete in July and include the construction of 14 new homes and the renovation of seven homes in the area bound by Marston Street, Philadelphia Street, John R Street and Woodward Avenue, as well as two renovated homes in the Rosedale/Minock Park neighborhoods in northwest Detroit.
Phase one was originally scheduled to be done in March, but poor weather pushed back construction slightly, said Sonya Mays, president and CEO of Develop Detroit. Still, the project is on a solid pace, she said. A duplex in the North End sold for $320,000, four homes have sales pending for $250,000 each, and the remaining homes are expected to be on the market by the end of the month.
"There's a lot of investor interest in this particular neighborhood, but also just the idea that you could do this kind of for-sale project in a Detroit neighborhood," Mays said. "There's appetite out there."
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More time sought for Paradise Valley plan in Harmonie Park
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Detroit — Almost three years after plans were unveiled for a new downtown district highlighting African-American arts and culture, one of the developers is seeking a new timeline to build a residential and retail building.
On Wednesday, the developer behind a potential new mixed-used building, with at least 60 residential units and first-floor retail, will seek a new closing date of April 2020 to complete the project, according to city documents.
The Paradise Valley Cultural and Entertainment District plan was announced in June 2016. It originally involved the simultaneous redevelopment of five buildings and three parking lots clustered around a small triangular public space often called Harmonie Park. The area is bordered by East Grand River, Centre and Randolph.
The original vision is grand: a boutique hotel; a jazz club; new restaurants; luxury and affordable housing; and a new parking garage. In 2016, there was hope the redevelopments would be close to opening by now, but the projects have been delayed.
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State OKs $11M tax breaks for Detroit's Kahn, Walker-Roehrig projects
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Albert Kahn Building
The Michigan Economic Development Corp.'s governing body approved a 15-year, nearly $3 million tax break for the rehabilitation of the vacant Albert Kahn Building at 430 Second Ave. AK Owner LLC, a joint venture between Farmington Hills' Northern Equities Group and Birmingham's Lutz Real Estate Investment, owns the building.
The $69-million capital investment would redo the building with 108,000 square feet of retail and 190 apartments of 230,000 square feet. At least 20% of the units will be priced at not more than 80% of the area median income. A surface parking lot will be available to residents and customers. The project will create five full-time equivalent jobs with a $22 hourly wage.
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Walker-Roehrig and Ashton
A new six-story, mixed-use building will rise on the parking lot behind 600 W. Lafayette Blvd., the former WWJ Building that houses the Michigan American Federation of State, County and Municipal Employees Council 25. The Michigan Strategic Fund Board approved a 22-year, $8.4 million-plus tax break that will begin in 2021.
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New coworking space part of Vanguard Community Development’s larger economic plan
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Realtor Nusrat Hussain was working at new coworking space Cocoon Detroit on East Grand Boulevard when an architect came in wanting to speak with Steven Harris, owner of Cocoon and Rebound Construction. Harris was running late, so Hussain got to talking to the man, a transplant from New York, as he waited. They ended up discussing gentrification, redevelopment of abandoned houses, and displacement of longtime residents.
Not exactly small talk for two people who just met, but it’s the type of engagement and conversation that Hussain loves about being a tenant at Harris’ coworking space, which held its grand opening in late April. Arterra Realty, the real estate company Hussain works for, has its main office in Rochester, but opened the satellite office in Detroit to have a presence in the city. They were working out of another coworking space in the city, Hussain says, but it was getting too expensive for a satellite branch.
She was talking to Harris about her plight and then he told her about his idea to open the coworking space, Hussain recalls. Hussain says she wanted to come on board and a few months later signed up for a year. Today she and several of her colleagues work out of a sunny office that faces Grand Boulevard.
Coworking is nothing new in Detroit with several spaces across the city such as Bamboo, but Harris’ concept brings together Realtors, builders, and other similar businesses together under one roof in a collaborative workspace, says Harris.
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