The property at 1401 Rivard Street in Detroit was the site of the former Shapero Hall, a long-time-vacant Wayne State University building. The building was demolished in late 2018 to make way for the proposed Lafayette West development: a mix of owner-occupied condominiums and for-rent apartments with on-site parking structure, green space designed to interplay with the unique and historic architecture of the Lafayette Park neighborhood.
The $100 million investment will bring an estimated 240 apartments and 80 for-sale condominiums to the City and transform this abandoned property into a vibrant addition to the neighborhood.
AKT Peerless conducted all predevelopment environmental due diligence and additional environmental assessments for the purpose of securing financing from the U.S. Dept of Housing and Urban Development (HUD). AKT Peerless also completed an extensive site-wide subsurface investigation to evaluate vapor intrusion concerns in relation to the proposed redevelopment and then worked hand-in-hand with the Michigan Dept of Environment, Great Lakes & Energy to secure the department’s approval of a Response Activity Plan – Remedial Action Plan outlining appropriate measures to remediate the property and permit the proposed construction plans to continue forward.
Additionally, AKT Peerless is leveraging several sources of economic development incentives which include: 1) tax increment financing (Brownfield Plan and Act 381 Work Plan); 2) Commercial Rehabilitation Act tax abatement; and 3) Neighborhood Enterprise Zone (NEZ) tax abatement.