Loft Development in Detroit Accelerates

Posted by: Mike Lydon
Thanks to: Mike Lydon

10 October 2005 - 9:00am

Thanks to new Neighborhood Entreprise Zone designations, loft development is becoming more viable in Detroit.

"Jason Reaves, a computer programmer who now lives in Oak Park, recently reserved a two-bedroom, 1,400-square-foot unit at Grinnell Place. A former Detroiter, he said he was attracted to living near downtown and the Corktown neighborhood near the shuttered stadium.

'I just look forward to seeing that area revived, not just the building itself but the whole vicinity,' Reaves said last week.

Both loft projects benefit from Neighborhood Enterprise Zone designations, an incentive for new developments that permits sharply reduced property taxes for up to 12 years."

Full Story: BUILDING IN DETROIT: Lofts join urban-living trend

Source: The Detroit Free Press, October 9, 2005