296 Belmont Street Detroit, MI 48202

This is an opportunity to own four connected vacant land parcels in Detroit's North End. The property is zoned residential and offers potential for a new-build or infill development opportunity. The four contiguous parcels included in this bundle are located at 278 Belmont, 288 Belmont, 296 Belmont, and 302 Belmont. The parcels must be purchased together and cannot be split. Interested buyers must submit a proposal that includes a project proposal detailing 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 tax capture for the 5 tax years subsequent to transferring ownership of the property, which may be incompatible with tax abatements. 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 pro forma and the effect of any tax abatement on the purchase and development financing.