By Veronica Grecu, Associate Editor
The Michigan Economic Growth Authority (MEGA) has approved a $3.3 million tax credit that would help Grand Rapids-based hypermarket chain Meijer build a new store in Detroit. According to Detroit Free Press, Meijer could invest $33 million in redeveloping a 22-acre vacant property at 21431 W. Grand River that previously served as the Redford High School. Although MEGA did approve the tax exemption, Meijer representatives declared that a final decision regarding the exact location of the store hasn’t been made yet, as the company is also considering the Gateway Marketplace.
If Meijer decides to build the new store on the vacant property in northwest Detroit, the site would require brownfield remediation and tearing down the existing Detroit Public schools building to make room for a 217,000-square-foot retail facility that would also provide 768 parking spaces. The project could also boost the area’s economy by creating as many as 83 full-time jobs and 208 part-time jobs.
In slightly different real estate news, automotive research company Urban Science joined the group of Detroit-based companies that are giving away cash incentives to their employees to encourage them to move to the city. Founded in Detroit in 1977, the company has now more than 750 employees worldwide, 300 of whom live in the city.
By joining the “Live Detroit” program, Urban Science will offer employees willing to relocate anywhere in Detroit a $2,400 allowance for the first year of rent and a $2,100 allowance in the second year, reports Detroit Free Press. Employees already living in rental units within the city will receive a smaller allowance of only $1,200 if they renew their existing leases with one year.
Illustration Courtesy of Meijer Website