Two brand-spanking new buildings will soon spring from vacant land in Wyandotte.
Oak Wyandotte LLC will build two single-story retail buildings at the corner of Fort and Oak Streets, the gateway to the city's downtown business district.
State and local tax capture valued at $198,743 will help finance the construction of 27,225 square feet divided into six commercial units. The anchor tenant, Aldi Foods Inc., will completely take over one building, while the other building will house five stores ranging in size from 1,000 to 2,000 square feet.
The tax capture was made possible by the Michigan Economic Development Corporation and the Michigan State Housing Development Authority. The development, with an estimated project investment value of $3.4 million, is estimated to create up to 50 jobs.
Michigan law allows brownfield tax credits to be used to aid the development of functionally obsolete, blighted or contaminated property. "Turning blighted and contaminated properties into community assets and creating jobs is a winning proposition for all concerned," MEDC President and CEO James C. Epolito said in a statement. "Brownfield redevelopment credits are among the most effective tools we have to attract business investment to Michigan communities."Source: MEDCWriter: Kelli B. Kavanaugh