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Nov 2012
01
November 01, 2012

Economic Incentives Help Create Student Housing in Ann Arbor


Who: 601 Forest, Ann Arbor, MI
Industry: Higher Education
Area of Law: Economic Incentives
Results:

 
$15.9 million in incentives (brownfield Michigan Business Tax credit and TIF)

 

Developers invested $50 million to build and equip a 14-story, 175-apartment student housing complex with first-floor retail space in Ann Arbor. The development sought LEED certification and significantly improved the neighborhood by replacing a hodge-podge of small buildings with one structure. The project began in 2008 and wrapped up in 2012.

How We Helped

By carefully coordinating with the City of Ann Arbor and the Michigan Economic Development Corp. (MEDC), we obtained a designation of Urban Development Area for the property and secured a rare 20 percent brownfield Michigan Business Tax credit, which amounted to a savings of about $10 million. We also obtained $5.9 million in brownfield Tax Increment Financing (TIF) incentives based on a Michigan Department of Environmental Quality and MEDC Act 381 Work Plan.

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