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DETROIT-Two rehabilitation projects are moving out of the planning stages in Detroit. The Argonaut building in the New Center area of the city and the Lafer Building in downtown will be redeveloped in separate projects.

At the Argonaut building, developer Orton Development Inc./Midway Corporate Plaza LLC will invest $67 million to restore and rehabilitate the 11-story building to include 275 one- and two-bedroom lofts, 84,000 sf of office space and about 15,000 sf of retail shops and parking facilities for up to 800 vehicles.

The City of Detroit will utilize state and local tax capture of $8.1 million to help finance the redevelopment, which was also approved for a brownfield single business tax credit valued at $5.6 million in January.

Downtown, Mercier Development Lafer will invest more than $2.8 million for the redevelopment of the Lafer Building at 1323-1325 Broadway. The developer will renovate the second through ninth floors to house 16 apartment units, and the first and mezzanine floors to accommodate 3,500 sf of retail space. Mercier was awarded a state tax credit valued at $287,000 to assist with the redevelopment. The Lafer project is one of several ongoing projects related to the Michigan Cool Cities initiative in Detroit.

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