Regions Midwest | Detroit
Aug 22, 2008
Redico Holdings L.L.C., the Southfield, Mich.-based real estate company behind the redevelopment of a former Montgomery Ward department store in East Dearborn, Mich., has gotten a monetary helping hand from the Michigan Economic Development Corp. The organization is making a state brownfield tax credit valued at $9.6 million available to the company for its $68 million project. Redico will also receive state and local tax capture totaling $14.2 million. If all goes as planned, the three-story structure at Michigan Avenue and Schaefer Road, which has sat empty for the last seven years, will be torn down to make way for a 275,000-square-foot, three-structure development consisting of a medical office building, a retail and office building, 96 senior apartments and a six-level parking facility.
Redico Holdings L.L.C., the Southfield, Mich.-based real estate company behind the redevelopment of a former Montgomery Ward department store in East Dearborn, Mich., has gotten a monetary helping hand from the Michigan Economic Development Corp. The organization is making a state brownfield tax credit valued at $9.6 million available to the company for its $68 million project. Redico will also receive state and local tax capture totaling $14.2 million. If all goes as planned, the three-story structure at Michigan Avenue and Schaefer Road, which has sat empty for the last seven years, will be torn down to make way for a 275,000-square-foot, three-structure development consisting of a medical office building, a retail and office building, 96 senior apartments and a six-level parking facility.
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