Friday, February 10, 2006
Michael Shore, MEDC
State Assistance Backs $8.9 Million in Private Investment for Four Sites
Governor Jennifer M. Granholm today announced that four brownfield redevelopment projects will help convert vacant, blighted and underutilized properties into new commercial and residential space in Detroit and Trenton as a result of state brownfield tax incentives approved by the Michigan Economic Development Corporation. The projects will involve more than $8.9 million in private investment and create 16 new jobs in Wayne County.
The projects are:
Trolley Place will redevelop a former industrial site located at 2874 Fourth Street in downtown Trenton using a tax credit valued at $165,830. The developer will invest more than $1.6 million to clean up the property and build 12 brick condominium units.
Vernor/Scotten Partners will use a tax credit valued at $178,892 to rehabilitate two historic buildings at the corner of Vernor Highway and Scotten Street in southwest Detroit. The developer will invest more than $1.7 million in the mixed-use project which will include 10 apartments and several hundred square feet first-floor retail space along Vernor. The project is expected to create 16 new jobs.