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Politics & Government

Developer Aims to Secure Tax Credits for Student Housing Project

A public hearing will be held Aug. 1 to discuss the project and attempts to obtain Brownfield tax credits.

A public hearing will be held Aug. 1 at 12 p.m. in the City Council Chambers at to discuss approval of Brownfield tax credits for the University Campus Apartments–a student housing project being pursued by a private developer to serve students at the .

The developer–whose name is not being released at this time by the university–is attempting to obtain the tax credits for renovation of the properties to be used for student housing in the near future. Both properties, located at 760 and 780 Town Center Drive, are office buildings formerly used by Ford Motor Company, but have been vacant for years.

The developer is investing an estimated $44 million in the project, which will be completed in two phases.

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"They're looking to obtain Brownfield credits from the state of Michigan," Council President Tom Tafelski said, "and utilizing functional obsolescence credit."

This means, essentially, that the properties are not serving the purpose for which they were originally designed. The public hearing will determine if that is the case and therefore, if the developer is eligible to receive the Brownfield credits for rehabilitating and repurposing the buildings.

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The developer has already obtained forms from an assessor certifying that the properties are functionally obsolescent.

According to the Brownfield tax plan, the project would result in 506 beds total, split up into a combination of studio, three- and four-bedroom apartments.

The Brownfield plan details that the project would entail "demolishing parts of two buildings, expanding floor space, and renovating the new area into state-of-the-art student housing and commercial or retail space."

The two existing buildings, which currently are owned by Ford Land, would be renovated. One would be turned into housing and the other, a "new student union." Additionally, a four-story building would be constructed, as well as pedestrian connections to the campus across Evergreen road and commercial developments.

The location is expected to house its first UM-Dearborn students by fall 2012. University officials are remaining mum on the subject for the time being until the project is finalized.

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