1547 Elm St Detroit, MI 48216

This vacant parcel presents a development opportunity in North Corktown, situated a few minutes from Motor City Casino. The Detroit Land Bank Authority (DLBA) owns the property through its Marketed Property Program. The site is suitable for new construction and infill development, contingent upon zoning regulations and City approvals. Prospective buyers are required to submit a comprehensive proposal package for DLBA approval, encompassing a project proposal, proof of funds, a site plan or concept drawing, and evidence of prior development experience. The sale is subject to the execution of a DLBA Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five tax years following the transfer of ownership. This provision may not be compatible with certain tax abatements, lot combinations, or assemblages. Waiver requests may be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after DLBA review of the development pro forma and financing. The property includes 1547 and 1559 Elm. The location has a bike score of 94, indicating it is a biker's paradise, a walk score of 94, indicating it is a walker's paradise, and a transit score of 63, indicating good transit options.