Loft Development in Detroit Accelerates

"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."