DETROIT – A project to revitalize a vacant four-story building in Downtown Detroit looks promising after approval from the Michigan Strategic Fund.
The 511 Woodward project is expected to turn the building into a multi-use retail and office space, with the first floor to be occupied by the Downtown Detroit Partnership. The local nonprofit supports workforce developments. The project also plans for improvements along Woodward Avenue, to generate a total capital investment of $18 million and create approximately 101 full-time jobs.
To alleviate the brownfield conditions of the site, the MSF approved a brownfield work plan, including state tax capture valued at $1.49 million, for the city of Detroit Brownfield Redevelopment Authority. In addition, local support, including participation in the brownfield work plan, includes a value of $72,414.
Brownfield properties are land that may be contaminated with hazardous material.
The development authority is also seeking a 12-year abatement of the Obsolete Property Rehabilitation Act valued at $846,407.
In addition to the 511 Woodward project, the Jefferson Larned Development Company LLC is planning to develop vacant property along East Jefferson Corridor. The proposed project comprises of a 42,000-square-foot Meijer that is expected to create 72 full-time jobs.
The Detroit Brownfield Redevelopment Authority was approved of a brownfield work plan for the project valued at $573,144 to alleviate the brownfield conditions. Local support for the project values at $986,856.
Other projects approved by MSF include expansion by Bridgewater Interiors LLC. The company is expecting an increase in customer demand and capacity in Detroit and Delta, possibly leading to up to 400 jobs and generate a $15 million private investment.