The 11-acre parcel south of 14 Mile Road was purchased in August 2003 by Triangle Land Property for $3.6 million. The company is linked to Van Dyke Partners LLC, the developers that continue renovations to turn the site into a 204-unit apartment complex.
The tax break, known as an Obsolete Property Rehabilitation Exemption, is the first of its kind in Warren under a tax incentive law enacted in Michigan in 2000. The intent of the law is to provide financial relief to spark redevelopment of obsolete property into commercial or housing and businesses.
City and county taxes will be frozen at the level of assessment before renovation began. School districts, however, will collect taxes based on increasing property values.
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