ASTI Environmental conducted the environmental due diligence and secured over $12 million in Brownfield incentives for the redevelopment of an obsolete office building and adjacent mixed use building. Located on Woodward in mid-town Detroit, the Project will include the demolition of all existing structures, and the construction of a state of the art medical office and retail development with a parking tower. Construction is expected to begin in the summer of 2012.
Brownfield incentives included the MBT Brownfield Tax Credit, and Brownfield Tax Increment Financing. Negotiations were conducted with the Detroit Land Bank to include additional incentives. In order to secure a 20% MBT Brownfield Credit before it expired, the project team fast tracked an 8 month due diligence and incentive approval schedule into less than 5 months. To ensure the Project meet the design criteria for tax incentives set by the Michigan Economic Growth Corporation, ASTI assisted with site design maximizing street frontage and walk-ability along Woodward Avenue, the major commercial corridor