The nearly $800 million project that would sit on six acres on the southwest corner of Fulton Street West and Market Avenue Southwest would include three high-rise towers: an office tower, housing tower, and hotel tower.
Last week, the Downtown Development Authority agreed on a plan where 75% of the DDA’s tax capture would pass through the city’s Brownfield Redevelopment Authority in order to streamline the process. The remaining 25% would be retained by the DDA.
Mayor Rosalynn Bliss explained how these incentives work at last week’s city commission meeting.
“The city doesn’t have a pot of money of four hundred and some million dollars sitting aside and we don’t write a check. None of these incentives exist if no development occurs. These are all taxes that are captured based on the project moving forward. Right now, it’s an asphalt parking lot and the city is getting minimal tax revenue from that lot.”
Once the project has received local approvals, it will go before the Michigan Strategic Fund Board in February. Construction could begin in the fall of 2025, with a completion date of spring of 2029.