New Ashley mixed-used development will include apartments, offices and retail
Detroit, Michigan, August 28, 2013 – The Detroit Brownfield Redevelopment Authority (DBRA) has approved a brownfield tax increment incentive plan for a $7.9 million makeover of the former Milner Hotel at 1526 Centre Street in downtown Detroit, now being redeveloped as the Ashley.
Princeton Management is the project developer for the Plan that entails rehabilitating the former Milner Hotel into a mixed-use development that will consist of sixty (60) modern one- and two-bedroom rental units with second floor commercial/office space and first floor retail space. The two-bedroom units will range in size from 670 square feet to 1,622 square feet and the one bedroom units will range in size from 590 square feet to 836 square feet.
The DBRA approved a tax increment financing plan that will allow the developer to recover up to $485,000 in asbestos abatement, interior demolition, and other related costs as it prepares the structure for its new uses. Brownfield incentives are tools to redevelop blighted, functionally obsolete, historic resource or contaminated properties. Eligible brownfield properties may be reimbursed for costs such as remediation, demolition, infrastructure and site preparation activities from tax-increment revenues generated by the project.
“We look forward to working with the City of Detroit, the DEGC and Invest Detroit to further enhance the Paradise Valley Community. In addition, we are excited to be working with our neighbors to stimulate a more walkable and lively neighborhood,” said Ashley Oleshansky, director of special projects, Princeton Management.
“This project demonstrates that brownfield plans are very powerful urban redevelopment tools,” said Art Papapanos, Detroit Economic Growth Corporation vice president, board administration.
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