2203 LOTHROP Street Detroit, MI 48206

Listing agency Bellabay Realty Tri Counties n***@comcast.net Show Phone

Listed by Natasha C Richards · License #6502385914 Show Phone

Added: Apr 15, 2024 Updated: May 13 at 3:30AM Checked: Jul 22 at 4:06PM

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MLS# 20240024655

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Investment Insights

Based on property information with market context.

This vacant lot presents an opportunity for constructing new housing within a developing community, situated near the Motown Museum, Henry Ford Hospital, and the New Center/Downtown area. The Detroit Land Bank Authority (DLBA) is looking for proposals focused on small- to medium-scale infill development. The aim is to increase the housing supply and restore the urban fabric, density, and walkability of the area. Buyers should consult the proposal guidelines for new build opportunities and review Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional neighborhood context. The DLBA is entitled to a tax capture for the 5 tax years after transferring ownership of the property. This tax capture may not be compatible with tax abatements available to the purchaser. The DLBA will review requests to waive its tax capture rights and may require a payment instead of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatement on the purchase and development financing. The property is zoned for residential use.

Key Highlights

• Vacant lot suitable for new housing development.
• Located in a thriving community near Motown Museum, Henry Ford Hospital, and New Center/Downtown Area.
• Opportunity for small- to medium‑scale infill development to increase housing supply.

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FAQs

What type of property is this?

Residential land & home lot - Vacant lot for new housing development in thriving Detroit community.

Where is this residential land & home lot located?

The property is located at 2203 LOTHROP Street Detroit, MI.

What is the asking price?

The asking price for this property is Off market.

What are key features of this property?

This property features: Vacant lot suitable for new housing development.; Located in a thriving community near Motown Museum, Henry Ford Hospital, and New Center/Downtown Area.; Opportunity for small- to medium‑scale infill development to increase housing supply.