X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The state has offered assistance to help redevelop two pollution contaminated sites in Inkster and Port Huron. The projects are expected to generate more than $115 million in private investment, state officials claim.

The Acheson Ventures Desmond Landing project in Port Huron received approval for brownfield tax increment financing and a Single Business Tax credit totaling up to $8.2 million to help redevelop a blightedwaterfront area.

The project is expected to generate nearly $100 million in private investment, state officials believe. A mixed-use development is planned on the 50-acre site that will include residential, retail, corporate business and recreational elements.

The development is expected to include the headquarters of SEMCO Energy, an educational maritime center featuring marine themed public open space and a pedestrian mall.

Brownfield tax increment financing will be used to improve thegeneral infrastructure of the site including sidewalks, gutters and storm and sanitary sewers to support the new development.

The Single Business Tax credit will assist with the construction of a 100,000-sf headquarters building for SEMCO and a portion of a parking deck.

The Carver Homes Subdivision brownfield redevelopment project inInkster was approved to receive the benefits of brownfield tax increment financing totaling more than $4.3 million.

About $15 million in private investment will be made in this new development. The financing will primarily be used to prepare the neighborhood for redevelopment.

The site preparation activities will include infrastructure removal and replacement and the demolition of existing multifamily structures. The neighborhood has long been in disrepair and lacks the sufficient infrastructure to support development, local officials claim.

The property was originally developed during World War II to fill the low-income, short-term housing needs of the large influx of workers who supplied labor for the war effort.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.