Construction is set to begin by yearend on what would be Greektown's first residential tower.
The Free Press reports developers of the 16-story building dubbed "The eXchange" have received approvals for tax incentives they say are needed for the project to move forward.
On Tuesday, the Michigan Strategic Fund board approved The Exchange for a Brownfield redevelopment incentive to capture $2.5 million in future state taxes and $188,444 in future local taxes over 18 years. In addition, Detroit City Council approved the project for a 15-year Neighborhood Enterprise Zone tax abatement worth about $12.5 million that will lower property tax bills for its condo owners.
According to developer LIFTbuild, a subsidiary of Barton Malow, the building at Gratiot, Brush and Macomb will include 153 residential rental units and 12 condos. The ground floor will be comprised of private offices, a pandemic-era change from the initially planned retail, the Free Press reported.
The project is expected to be complete by early 2022. LIFTbuild is also behind midrise concepts in Lafayette Park and the former site of the Brewster-Douglass projects.
