THE PROJECT
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.
OUR ROLE
AKT Peerless completed extensive environmental assessments during the acquisition and planning phases of the project, which included Phase I and II ESA’s, 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.
THE RESULTS
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 and the Detroit Brownfield Redevelopment Authority to layer and secure these various incentives totaling over $6 million.