DETROIT – The proposal is a $1.5 billion development deal for 10 buildings (six new, four renovated) around Little Caesars Arena.
Ilitch’s Olympia Development and billionaire Steven Ross’ Related Companies are asking for $800 million in tax incentives to make it happen.
While what’s being pitched includes residential, retail, office space, and hotel, the backlash to the ask was immediate. So much so Detroit Mayor Mike Duggan took time out of his 2023 State of the City address to address tax policy, and if the incentives are given, it does not impact Detroiter’s tax bills, the general fund, or the library.
The developers have agreed to a $167 million community benefits package. As of Monday (March 27) night, sources told Local 4 there were enough votes, likely 7-2 in favor, to make it through.
Part of the backlash is what Olympia has yet to do in the District Detroit area, but Ross’ involvement has various city officials excited.
Ross is known for developing Hudson Yards in New York City. He’s also a native Detroiter planning on building a University of Michigan academic research facility in Detroit and pledging $100 million of his own money to do so.