Environmental and Economic Development services for site-wide extensive environmental remediation and the construction of a mixed-use development in Detroit’s historic Lafayette Park neighborhood.
The property at 1401 Rivard Street in Detroit was the site of the former Shapero Hall, a long-time-vacant Wayne State University building. The building was demolished in late 2018 to make way for the proposed Lafayette West development: a mix of owner-occupied condominiums and for-rent apartments with on-site parking structure, green space designed to interplay with the unique and historic architecture of the Lafayette Park neighborhood.
The $100 million investment will bring an estimated 240 apartments and 80 for-sale condominiums to the City and transform this abandoned property into a vibrant addition to the neighborhood.
AKT Peerless performed environmental due diligence for the client by completing a Phase I Environmental Site Assessment (ESA), Phase II ESA and Baseline Environmental Assessment. Additional environmental assessments were completed for the purpose of securing financing from the U.S. Dept of Housing and Urban Development (HUD). AKT Peerless also completed an extensive site-wide subsurface investigation to evaluate vapor intrusion concerns in relation to the proposed redevelopment and then worked hand-in-hand with the Michigan Department of Environment, Great Lakes & Energy (EGLE) to secure the department’s approval of a Response Activity Plan – Remedial Action Plan outlining appropriate measures to remediate the property and permit the proposed construction plans to continue forward. Further, AKT Peerless provided economic development
services to secure incentives to assist with redevelopment activities.
AKT Peerless leveraged and secured several sources of economic development incentives which included: 1) tax increment financing (Brownfield Plan and Act 381 Work Plan); 2) Commercial Rehabilitation Act tax abatement; and 3) Neighborhood Enterprise Zone (NEZ) tax abatement. AKT Peerless worked closely with the City of Detroit, Detroit Brownfield Redevelopment Authority (DBRA), Michigan Economic Development Corporation (MEDC), and the Detroit Economic Growth Corporation (DEGC) to layer and secure these various incentives.
