Michigan business briefsJune 15, 2007
DEVELOPMENT: Brownfield credit OK'd
Plans by the Ilitch family to redevelop the historic but dilapidated Detroit Life building near the Fox Theatre took a big step forward Thursday.
Detroit's Brownfield Redevelopment Authority, a quasi-public arm of the city, approved a $600,000 brownfield tax credit to help pay to clean up the building at 2210 Park Ave. The credit will cover approximately 10% of the estimated $6-million cost of the renovation work.
The brownfield credit is just one piece of a financial package that also will include historical tax credits as well as conventional investment.
Ilitch Holdings, the family's business entity, plans to move some of its subsidiary functions into the building once the renovation work is complete. Plans call for the first floor to contain retail or commercial space, while Floors 2 through 10 would contain office space.
Construction is expected to begin this summer.
Crews from J.C. Beal Demolition had reportedly been managing asbestos removal last fall. Kraemer Design Group have been retained to develop renovation plans.
Detroit's Brownfield Redevelopment Authority, a quasi-public arm of the city, approved a $600,000 brownfield tax credit to help pay to clean up the building at 2210 Park Ave. The credit will cover approximately 10% of the estimated $6-million cost of the renovation work.
The brownfield credit is just one piece of a financial package that also will include historical tax credits as well as conventional investment.
Ilitch Holdings, the family's business entity, plans to move some of its subsidiary functions into the building once the renovation work is complete. Plans call for the first floor to contain retail or commercial space, while Floors 2 through 10 would contain office space.
Construction is expected to begin this summer.
Crews from J.C. Beal Demolition had reportedly been managing asbestos removal last fall. Kraemer Design Group have been retained to develop renovation plans.
Official website: Detroit Life Building
Emporis: Detroit Life Building
Buildings of Detroit: Detroit Building
Wikipedia: Detroit Building
EPA Brownfields Definition
Brownfields: With certain legal exclusions and additions, the term `brownfield site' means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
Brownfields: With certain legal exclusions and additions, the term `brownfield site' means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
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