- The forgotten promise -
~~~~via Crain's media ~~~
In 2004, a group of investors made; what was to be; a
reported $258 million bet; on the city's lower east side,
and the Kilpatrick administration and City Council
spent millions priming the area for redevelopment.
https://crain-platform-cdb-prod.s3.a...eet-main_i.jpg
More than a decade later, and with New Far East Side
Development Co. LLC still controlling at least
45 acres of the area abutting Grosse Pointe Park,
the city has few options for getting back the property
it sold to the investment group the Duggan administration
says broke its promises of redevelopment.
--Today it still sits largely fallow, with nary a sign
of the roughly 3,000 homes that were proposed for the area.
It's one of untold numbers of grandiose redevelopment visions
that never got off the ground, for a host of reasons.
-- But it was also one of the largest and most ambitious in recent memory and,
to this day, the neighborhood struggles with blight,
disinvestment and decay, with nearly 150 violations
by New Far East Side Development totaling $41,000 accrued.
The total project area envisioned nearly 15 years ago
was bounded by Jefferson Avenue to the south,
Alter Road to the east, Warren Avenue to the north
and Conner Street to the west.
https://www.crainsdetroit.com/proper...roken-promises
https://crain-platform-cdb-prod.s3.a...pment-03_i.png
The city-- sold the group -- about 660 properties between
October 2006 and February 2009,
according to a memo provided to the City Council last month.
*** _ Another 481 properties were purchased privately.__***
Today, city records show the group still owns 530 properties,
having spent nearly $3.3 million on them.
The land is valued at just $735,000, according to city data.
This does not help Detroit get back on its feet financially !!
