The 11-acre parcel south of 14 Mile Road was purchased in August2003 by Triangle Land Property for $3.6 million. The company islinked to Van Dyke Partners LLC, the developers that continuerenovations to turn the site into a 204-unit apartment complex.
The tax break, known as an Obsolete Property RehabilitationExemption, is the first of its kind in Warren under a tax incentivelaw enacted in Michigan in 2000. The intent of the law is toprovide financial relief to spark redevelopment of obsoleteproperty into commercial or housing and businesses.
City and county taxes will be frozen at the level of assessmentbefore renovation began. School districts, however, will collecttaxes based on increasing property values.
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