[DetroitMan]

The state has signed off the transformational brownfield tax credits for District Detroit.

State signs off on transformational brownfield funding for Ilitch, Ross projects in District Detroit

The Michigan Strategic Fund has signed off on a $600 million-plus public incentive for the District Detroit area.

With Tuesday's vote, the Ilitch family's Olympia Development of Michigan and Ross' New York City-based Related Cos. has capped off months of public discussions about their $1.53 billion proposal to overhaul that area of downtown by building and redeveloping 10-plus buildings around the Fox Theater and Comerica Park. The development team says that without the taxpayer funding, the buildings that would densify downtown would not be financially viable, thereby jeopardizing construction, jobs and tax revenue to the city. But others argue that the Ilitches have broken development promises over many years, and that the developers whose total fortune is north of $10 billion shouldn't be seeking public funding, particularly in a city with many woes.

There have been dozens of Detroit meetings and public discussions over various incentives and community benefits agreement plans in the last several months since the Ilitch/Ross team publicly revealed they were seeking transformational brownfield funding.

In all, the developers are proposing 1.2 million square feet of new office space, 695 residential units (nearly 140 of which would be considered affordable), 146,000 square feet of retail and 467 hotel rooms.

Previous calculations pegged the total transformational brownfield award at $616.3 million, although the MSF says in briefing memos it is $615 million. The discrepancy is not clear. Crain's has asked for clarification on the differing figures.

https://www.crainsdetroit.com/real-e...ld-funding-okd