Quote Originally Posted by Scott View Post
As it stands currently, the State Fairgrounds is slated to be sold to the Magic Plus group for a $1. The plan to is to develop a mixed use site.
What troubles you? The sale price or what they intend to develop there?

The $1 sale price seems about average for land in the CofD. IIRC the site of the Kern Block was sold to Compuware for $1 AFTER someone [[CofD, DEGC,etc) paid $16 million to tear Kerns’ down and clean up the site. Then, in 2008 there was a deal to sell 2 acres near Campus Martius on Monroe for $1 for the proposed Cadillac Centre to some guys from NYC.

So, I guess the value of land in the CofD is about $1 and you get a fistful of incentives.

Except if you want to start growing trees in the CofD. Then the land cost is $520,000, plus you pay for $3.2 million for demo and clean up, plus you don’t get any tax breaks and it takes you 4 years to get to that point. Total cost: about $26,575 per acre – not counting the hassle.