  Llyn Member Username: Llyn Post Number: 1750 Registered: 06-2004 |
By Robert Ankeny, Crain's Detroit See full article... http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2006 1212/REG/61212010/1011 | ||
Tetsua Member Username: Tetsua Post Number: 973 Registered: 01-2004 |
Is this the wig building? | ||
Lmichigan Member Username: Lmichigan Post Number: 4876 Registered: 10-2003 |
No. This is the old Kresge Store building. The other red one. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 113 Registered: 11-2006 |
more $1 million penthouses...interesting | ||
Charlottepaul Member Username: Charlottepaul Post Number: 123 Registered: 10-2006 |
Was that building not currently already undergoing renovations? Maybe what I last saw was just some Super Bowl facelifting. | ||
Lmichigan Member Username: Lmichigan Post Number: 4878 Registered: 10-2003 |
Yeah, the facade renovation was started months ago. | ||
Apbest Member Username: Apbest Post Number: 337 Registered: 03-2006 |
aka the elliot building | ||
Docmo Member Username: Docmo Post Number: 187 Registered: 10-2005 |
Thanks, Apbest. This news now makes sense. | ||
Dnvn522 Member Username: Dnvn522 Post Number: 154 Registered: 11-2004 |
http://www.thekraemeredge.com/ our_work/consulting/1401_woodw ard/pdfs/KresgeeAizer.pdf | ||
Charlottepaul Member Username: Charlottepaul Post Number: 126 Registered: 10-2006 |
In theory they would already have all the finances together before renovations. So why would the building get/need an extra incentive (in the form of tax credits) after it is already under development? Maybe I am totally missing something... | ||
Ndavies Member Username: Ndavies Post Number: 2372 Registered: 10-2003 |
Credits take time to process. They had probably applied for them before they started. Some credits need to be applied for before you start, some after work is underway. The money only comes after work is completed. Developers will apply for every credit think they are entitled to. They will start work when they think they have received enough of them to make the project profitable. Any they receive after that just add up to more profit. | ||
Lmichigan Member Username: Lmichigan Post Number: 4885 Registered: 10-2003 |
Charlotte, in theory, as you said yourself. We all know very few things happen according to plan. These different incentives, tax abatements, grants and such are all different pieces that can, and often are applied for, at different times meaning they don't always come back at once, and some are denied altogether. They already received the one for the facade renovation. |
