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Westin Book Cadillac Penthouse Condo Sets a New Record for Detroit
/in Detroit /by Tracy WillisA Westin Book Cadillac penthouse sold for $3.537 million. The penthouse sits atop the 31-story high-rise hotel in downtown Detroit. The deed was recorded in Wayne County in December. The sale came at a time when the downtown Detroit condo market was oversaturated. Previously, the most expensive Detroit condo sale was recorded at about $1.8 million in 2017. Incidentally, that condo is also in the Westin Book Cadillac.
Midtown Development’s Tax Credits Expire
/in Detroit /by Tracy WillisThe Mid development in Midtown is headed toward a financial loss. The developer is still trying to get the project off the ground. Almost $9 million in Michigan Business Tax brownfield tax credits expired on Thursday, June 10, 2021. The 10-year expiration looms because the development team has not built the promised seven stories of one of its proposed buildings by June 10, 2021. The Michigan Business Tax statute requires projects to be completed within 10 years of the pre-approval letter.
Sterling Group Pockets $36 Million for Joe Louis Parking Deck in Detroit
/in Detroit /by Tracy WillisSterling Group’s quick sale of the Joe Louis Arena parking garage netted eight figures for the Detroit real estate company. Sterling Group purchased the property from the City of Detroit in a deal that became public in October 2019. The real estate company paid $2 million in cash to the city and reimbursed the city $12.1 million for the demolition within the area. Detroit also saved $3 million on parking deck improvements, $4 million on remediation of the arena site, and about $7 million in tax-increment financing dollars.