The State of Michigan has approved incentives for seven brownfield redevelopment projects in Detroit, Gov. Jennifer Granholm said Tuesday. The projects include the potential redevelopment of the historic Argonaut Building in the New Center district as an educational building for the College of Creative Studies.
The project, if fully approved by the CCS board, would benefit from a $10-million brownfield tax credit to transform the former General Motors office building into a mixed-use campus for art and design education.
In another of the projects, Urban Development Company LLC would use a state brownfield tax credit valued at $1.5 million to help transform the former Globe Trading Building and Detroit Dry Docks Engine Works on Atwater Street in Detroit.
The site, along the east riverfront, would be turned into a mixed-use development with 64 new loft condos, 28 loft apartments, retail/commercial space and indoor parking.
All together, the seven projects and one in Dearborn have the potential to create almost 900 jobs and involve more than $378 million in capital investment, Granholm's office said.
Source: freep.com