Developer to build residence above Good Eats in Wyandotte

metromode, 7/30/2009

Another building owner in downtown Wyandotte is getting ready for a renovation thanks to a new, innovative tax break.

Leo Stevenson owns the 2-story building that houses Good Eats Cafe and Grille, 125 Elm St. He bought it a year ago and began restoring it. Good Eats came along shortly afterward. The second floor space isn't so easy.

"It was pretty obsolete when we purchased it," Stevenson says.

It had once served as the office for a law firm, but has been vacant for several years. The market for upper-floor commercial space in small downtowns has fallen dramatically, so Stevenson wants to take it in another direction.

He plans to turn the 1,500 square feet into a two-bedroom apartment. The idea is that residential space in the city's center has been and continues to be popular.

"The residential market in downtown Wyandotte is very good," Stevenson says. "Actually, there are no vacancies."

The city is laying the groundwork to drive up this supply with a new Neighborhood Enterprise Zone. The plan, which could go into effect as early as August, would make the entire downtown a special NEZ.

Normal property owners have to pay 48 mills of taxes. But those in this newly proposed NEZ wouldn't have to pay any extra tax assessment for improving existing upper floors. Those who build new floors will pay only 17 mills on the new space. Stevenson plans to begin construction as soon as the NEZ is passed

Source: Leo Stevenson, owner of the Good Eats Cafe and Grill building
Writer: Jon Zemke

Downtown Living , Housing , Redevelopment , Wayne County

Wyandotte