10.17.07Ilitches and Curis Enterprises get tax credit from Granholm for projects
DETROIT -- Michigan Gov. Jennifer Granholm announced this morning that Ilitch Holdings will receive a $750,000 tax credit to rehabilitate the 10-story Detroit Life Building in downtown Detroit.
The 40,000-square-foot building, which has been vacant for 30 years, is located at Park and Columbus, just southeast of the Fox Theatre.
The Ilitches, who own the Detroit Tigers, Detroit Red Wings, Fox Theatre and Little Caesar Enterprises, plan to spend a total of $7.5 million restoring the structure. The exterior and first floor lobby will bring it back to its original condition.
The first floor will be used for retail space, and the second through 10th floors will be converted to office space.
A tax abatement for the project is being considered by the City of Detroit.
In the Detroit enclave city of Highland Park, Granholm also announced a state tax credit of $527,000 will be used by developer Michael Curis of Curis Enterprises to develop the new Woodward Place on Woodward Avenue, formerly occupied by a Sears Roebuck store razed in 2002.
The project entails cleanup of the 3.97-acre site and construction of a 40,000-square-foot shopping center anchored by Aldi Foods. Tenants may include a bank, pizza shop, retail stores, restaurant and police mini-station. The development will be enhanced by extensive landscaping, wrought iron fence and flag plaza.
The project is expected to involve $7.45 million in investment and create 120 jobs.
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