A project to revitalize a vacant four-story building in Downtown Detroit looks promising after approval from the Michigan Strategic Fund.
The 511 Woodward project is expected to turn the building into a multi-use retail and office space, with the first floor to be occupied by the Downtown Detroit Partnership. The local nonprofit supports workforce developments. The project also plans for improvements along Woodward Avenue, to generate a total capital investment of $18 million and create approximately 101 full-time jobs.
To alleviate the brownfield conditions of the site, the MSF approved a brownfield work plan, including state tax capture valued at $1.49 million, for the city of Detroit Brownfield Redevelopment Authority. In addition, local support, including participation in the brownfield work plan, includes a value of $72,414.
Brownfield properties are land that may be contaminated with hazardous material.
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