- Economic Development Corporation of the City of Detroit (EDC) and Rivertown Phase I, LLC are, collectively, the project developer.
- EDC assists local industrial and commercial enterprises revitalize and strengthen areas of Detroit through various economic assistant programs
Each of the 26 parcels within the subject property qualified as a “facility” under Act 381 due to high levels of environmental contaminants and site deterioration. The property remained vacant and unattractive for redevelopment investment because of the extensive environmental assessments and remediation activities required. The underutilized riverfront property in Detroit is adjacent to William G. Milliken State Park and Harbor and the Detroit Riverwalk.
Extensive environmental assessments were conducted on the project property and remediation activities which included completion of a geophysical survey, the removal of ten underground storage tanks, and remediation of PCB, mercury, and VOC soil contamination. EDC and Rivertown Phase I will redevelop the property to construct approximately 278 one and two bedroom rental apartment units and 10,500 SF of retail/restaurant space.
- Incentives evaluation
- Provided TIF revenue schedule and revenue tracking
- Review of application for CRP support
- Developed application for Commercial Rehabilitation Abatement
- Composed application for MDEQ Brownfield Redevelopment Grant
- Developed application for MBT Credit Amendment
- 33 anticipated FTE job creation resulting from this project
- 33 anticipated new full time jobs created
Total investment is estimated to be $61 million. The project would not be possible without the use of several economic incentives and brownfield redevelopment assistance programs including:
- Brownfield TIF of $9,840,194;
- MDEQ Grant of $1,000,000;
- MBT Credit valued at $6,983,874;
- Commercial Rehabilitation Act Abatement (10-years) valued at $
- CRP support of $7,610,000; and
- Assessment Funding through Wayne County RLF $900,000