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. By carefully coordinating with the City of Ann Arbor and the Michigan Economic Development Corp. (MEDC), Warner 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. Warner 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. In total, Warner obtained $15.9 million in incentives for the project, which was completed in 2012.
Experience
