3978 16Th St Detroit, MI 48208

This offering comprises a bundle of five vacant lots, specifically including 3978, 3984, 3990, 3996, and 4002 16th Street in Detroit, MI. The combined area of these lots totals 16,663 square feet, or approximately 0.07 acres. These lots are not available for individual purchase and must be acquired as a single unit. The Detroit Land Bank Authority (DLBA) is encouraging proposals focused on small- to medium-scale infill development. The aim is to increase housing availability, restore the urban environment, and enhance density and pedestrian accessibility. Prospective buyers are advised to consult the DLBA's proposal guidelines for new construction opportunities. Additionally, reviewing relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department is recommended for gaining further insight into the neighborhood context. It is important to note that the Detroit Land Bank Authority retains the right to a tax capture for the five tax years following the transfer of property ownership. This tax capture may not be compatible with other tax abatements potentially available to the buyer. The DLBA will consider requests to waive its tax capture rights, potentially requiring a payment in lieu of taxes for approval. The payment amount will be determined after reviewing the development proforma and assessing the impact of any tax abatements on the purchase and development financing.