Michigan OKs incentives for two major projects near eastern edge of downtown Detroit
Detroit — Major plans for a $61 million residential and retail complex near the riverfront and a $38 million residential project in Lafayette Park were granted financial incentives Tuesdays by the state’s Michigan Economic Development Corporation.
The projects are among a steady stream of developments planned near the eastern edge of downtown. The location of the projects stretch from the riverfront area east of the General Motors Renaissance Center to I-375, the mile-long highway that may also get a major overhaul.
The first phase of the Orleans Landing project is to be built on 7.7 acres of vacant and contaminated land near the intersection of Franklin and Orleans street, which is one block north of the riverfront William G. Milliken State Park. Next to the Orleans Landing is the soon-to-open Michigan Department of Natural Resources Outdoor Adventure & Discovery Center on Atwater Street.
Orleans Landing is slated to be built in two phases. The first phase will consist of 20 new buildings with retail/commercial space and 278 units of multifamily housing in four-square-block area.
Construction of phase one of Orleans Landing is expected to start early next year, said Jack Hambene, senior vice president of McCormack Baron Salazar, the St. Louis developer behind the project. Hambene said once construction begins, the development could be open in “14-15 months.”
On Tuesday, the board of the Michigan Economic Development Corporation approved the city of Detroit’s request to award $6.4 million in brownfield tax credits for phase one of Orleans Landing. The state also approved $7.61 million in Michigan Community Revitalization Program performance-based equity support for the project.
Also Tuesday, a unit of the city of Detroit’s economic development agency granted a measure to begin cleaning up the area for Orleans Landing.
The other development granted incentives was Du Charme Place, which plans to build 185 residential units at 1544 E. Lafayette, between Rivard and Orleans streets. Plans call for three new buildings on 3.5 acres of vacant land near the Dequindre Cut bike/pedestrian path.
The state approved a city of Detroit’s request to award $4.7 million in brownfield tax credits to Du Charme Place along with $5.7 million in performance-based equity support.