Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Related Olympia Predevelopment Company LLC
Parent Company: 
Subsidy Source: multiple
Location: Michigan
City: Detroit
County: Wayne
Project Description: Mixed-use multi-site campus development
Year: 2023
Subsidy Value: $797,700,000
Subsidy Value in 2023 Dollars: $797,700,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 5,790
Wage Data:  $95,000
Wage Data Type: Annual average wage
Capital Investment:  $1,500,000,000
Source of Data: Detroit City Council, City Council Formal Session agenda and attachments, March 28, 2023, (click here). JC Reindl, March 9, 2023, "Fuller details on $1.5B District Detroit buildout as it nears big vote," The Detroit Free Press, (click here). See also: Tom Perkins, April 10, 2023, "District Detroit is getting more incentives than you think," BridgeDetroit, (click here).
Notes: Related Olympia Predevelopment Company, a joint venture of Olympia Development and The Related Companies, is building and redeveloping several properties near downtown Detroit. The area has been branded The District Detroit and will consist of new office and retail space, hotel accomodations, and both income-restricted and market-rate rental units. The largest component of the project's subsidy package is $616 million in reimbursement payments through the state's Transformational Brownfield program, which will divert revenue from property, sales, and income tax growth. The income tax capture includes 100% of taxes paid by construction workers and future apartment residents and half of taxes paid by future permanent workers. Related Olympia Predevelopment will also receive $133 million in local property tax abatements and from the Downtown Development Authority a $25 million reimbursement for infrastructure improvements and a $23.7 million forgivable loan for affordable housing. Overlaps with the main data: Ten Transformational Brownfield Program entries awarded in FY 2023 consisting of $567.6 million in reimbursement payments.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.