The Mid development gets another chance from lawmakers

[Airforceguy]

Let's see if this actually gets started...
Long-delayed Woodward Avenue development gets another chance from lawmakers

With a deadline looming, the state House of Representatives has given a long-stalled Midtown development another chance at life.


A proposed development called The Mid, north of the Whole Foods Inc. store at Woodward and Mack avenues, currently has a brownfield tax credits deadline of Sept. 14 to have seven stories of a 15-story building completed as part of what most recently was a $377 million project.


Legislation passed Wednesday afternoon, 74-33, would give developers until Dec. 31, 2026, to meet that requirement in order to receive $8.97 million in credits. Those backing the project have said the credits are needed or else it dies.


Fifty-two Democrats and 22 Republicans supported the bill. Thirty Republicans and three Democrats opposed it.


The legislation still needs Senate approval.Crain's reported on House Bill 4829, sponsored by Rep. Abraham Aiyash, D-Hamtramck, in June. Lawmakers added a provision requiring quarterly reports to the Michigan Strategic Fund detailing the percentage of the project completed, the expected completion date and the names of contractors and subcontractors.


Aiyash did not make himself available for comment after the vote. An email was sent to Emery Matthews, a development adviser on the project, late Wednesday afternoon.

https://www.crainsdetroit.com/real-e...house-approval

[401don]

Sounds like it will be about a year from now, after interest rates drop a point or two, before they find any financing - if they ever do.