Dan Gilbert is investing over $2 billion in four projects in downtown Detroit. The state is matching that ambition with $618 million of its own.
John Gallagher reports that the Michigan Strategic Fund has approved $618 million in tax incentives for development projects to back up $2.15 billion of investments committed by Dan Gilbert.
The "transformational brownfield incentives" are the largest ever awarded by the Michigan Strategic Fund. They'll help construct four major projects in downtown Detroit.
"The four projects include the site of the former Hudson's store, where Gilbert's Bedrock real estate arm broke ground last December on what promises to become Detroit's tallest building; the nearby Monroe Block, where Gilbert hopes to break ground soon on a series of mixed-use buildings; an addition to One Campus Martius, the former Compuware building; and the renovation of the Book Building and Book Tower on Washington Boulevard," reports Gallagher.
"The projects are expected to create 7,261 permanent jobs and add up to 3.1 million square feet of new office, retail, residential, hotel and civic space to the downtown core," according to Gallagher. The article includes more details about the political support for the move, and the broader hopes for the benefits of the four projects.
FULL STORY: Dan Gilbert gets state OK for $618M in tax breaks for Detroit projects
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