Environmental and Economic Development services for the rehabilitation of a dilapidated and abandoned structure into a mix of food and creative related business complex located in Detroit.
The Mosaic Eastern Market project is an adaptive commercial mixed-use collective that will contain Eastern Market Corporation’s accelerator/commissary facility for food entrepreneurs, along with an eclectic mix of food and creative related business tenants. The $24 million project will renovate an existing 111,855-square foot building. The renovated building will feature, flexible commercial/office space, food accelerator space, restaurant space, and common area and special event space. Mosaic Eastern Market will also be an example of green energy generation with the anticipated installation of an approximately 3,355-panel, 1,107-kilowatt solar array on the roof.
The completed redevelopment project will revive this long-vacant property and support the culture of Eastern Market.
AKT Peerless performed environmental due diligence for the client by completing a Phase I Environmental Site Assessment (ESA), Phase II ESA and Baseline Environmental Assessment. AKT Peerless also completed Preliminary and supplemental Soil Gas Investigations, and prepared due care compliance documentation to demonstrate the developer’s due care obligations in owning and operating a “facility” as defined by Part 201 of NREPA. Further, AKT Peerless provided economic development services to secure incentives to assist with redevelopment activities.
Additionally, AKT Peerless leveraged sources of economic development incentives which included: 1) tax increment financing (Brownfield Plan and Act 381 Work Plan); and an 2) Obsolete Property Rehabilitation Act (OPRA) tax abatement.
AKT Peerless worked closely with the City of Detroit, Detroit Brownfield Redevelopment Authority (DBRA), Michigan Economic Development Corporation (MEDC), and the Michigan Department of Environmental, Great Lakes and Energy (EGLE) Detroit Economic Growth Corporation (DEGC) to layer and secure these various incentives $6 million.
