The state is providing money through brownfield tax credits,which are used by the state to help redevelop blighted properties.The projects also earned local incentive dollars. The Detroitprojects include:

* The College for Creative Studies will use $22.2 million toturn the Argonaut Building, at 485 W. Milwaukee Ave. in Detroit'sNew Center, into a mixed-use campus for art and design education.General Motors is donating the building to the college for the $120million project, which will include retail and office space.

* A developer, FRBD LLC, will take a $1.3 million tax credit toconvert the Federal Reserve Building at 160 W. Fort St. into 84 oneand two-bedroom apartments with retail and commercial space for$20.2 million.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.