303 E Grand River Ave Lot | Terrain commercial | 0,16 ha | À vendre | 602 742 € | Howell, MI 48843

DOWNTOWN HOWELL REDEVELOPMENT OPPORTUNITY | APPROVED BROWNFIELD PLAN + ADDITIONAL STATE INCENTIVE POTENTIAL
Rare opportunity to acquire a strategically located redevelopment property in Downtown Howell, Michigan, with a major advantage already in place: an approved Brownfield Redevelopment Plan and reimbursement framework designed to help offset qualifying costs associated with environmental conditions, demolition, site preparation, and redevelopment.
For a developer or investor, this property offers much more than a downtown location. Much of the groundwork associated with establishing a Brownfield redevelopment framework has already been completed, providing a significant head start and the potential to substantially improve the economics of redevelopment.
Under the approved Brownfield structure, qualifying costs may be eligible for reimbursement through tax increment generated by the redeveloped property, subject to the terms of the approved Brownfield Plan and reimbursement agreement. Eligible activities may include environmental investigation and assessment, remediation or management of contaminated soil and groundwater, due-care activities, demolition, site preparation, removal of qualifying environmental conditions and materials, and certain related engineering, professional, and administrative expenses.
Additional Michigan Redevelopment Incentive Potential
Beyond the existing Brownfield approval, a future purchaser/developer may also have the opportunity to pursue financial assistance through the Michigan Community Revitalization Program (MCRP) administered through the Michigan Strategic Fund and MEDC.
The property possesses several characteristics relevant to the program, including its Brownfield status, environmental conditions, downtown location, redevelopment potential, and local governmental support.
Under current program guidelines applicable to communities of Howell’s size, qualifying projects may potentially receive MCRP assistance of up to 50% of eligible project investment, subject to program limits, with total assistance potentially reaching $10 million. MCRP grants are currently capped at $1.5 million per project.
Why This Property Stands Out
A purchaser has the potential to benefit from two distinct layers of redevelopment assistance:
1. APPROVED BROWNFIELD REIMBURSEMENT
An existing, approved framework that may reimburse qualifying environmental, demolition, site preparation, and redevelopment expenses through future tax increment.
2. POTENTIAL MCRP ASSISTANCE
An additional State of Michigan financing opportunity that a purchaser/developer may pursue to help address a demonstrated redevelopment financing gap.
Combined with its Downtown Howell location and redevelopment potential, these incentives create a compelling opportunity for a developer, investor, or owner-user looking to transform an underutilized property while potentially offsetting a meaningful portion of qualifying redevelopment costs.
The Brownfield Plan has already been approved. MCRP assistance has not been approved or awarded and is not guaranteed. Any Brownfield reimbursement or MCRP assistance remains subject to applicable agreements, eligible-activity requirements, underwriting, governmental approvals, available tax increment, financing-gap analysis, and other program requirements. Purchasers should independently verify remaining Brownfield reimbursement capacity, assignment or transfer provisions, timing, and the eligibility of their proposed redevelopment during due diligence.