278 Belmont Street, Detroit, MI 48202

This residential property in Detroit, MI, is listed as a bundle with four contiguous parcels: 278 Belmont, 288 Belmont, 296 Belmont, and 302 Belmont. The properties must be purchased together and cannot be split. Zoned residential, the 0.13-acre property offers potential for a new-build or infill development opportunity. Interested buyers must submit a proposal that includes a project proposal with the intended use of the structure and timeline, proof of funds, a scope of work with a breakdown of renovation costs, and proof of previous projects including addresses and photos. The Detroit Land Bank Authority (DLBA) is seeking proposals for small- to medium-scale infill development to increase housing supply, restore the urban fabric, and improve density and walkability. Interested buyers should consult the proposal guidelines for new build opportunities and review relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. The DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu 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.