573 Smith St, Detroit, MI 48202

This offering presents the opportunity to acquire 11 residential parcels located in Detroit's North End. The property, zoned for residential use, is listed as a bundle with the following contiguous parcels: 525 Smith, 531 Smith, 537 Smith, 543 Smith, 549 Smith, 555 Smith, 561 Smith, 567 Smith, 573 Smith, 579 Smith, 585 Smith, and must be sold together. The parcels cannot be split. The property offers potential for a new-build or infill development. Interested buyers must submit a proposal that includes a project proposal with the intended use of structure and timeline, proof of funds, 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. The tax capture may be incompatible with tax abatements 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 pro forma and the effect of any tax abatement on the purchase and development financing. The location has a bike score of 70, indicating it is very bikeable, a walk score of 85, indicating it is very walkable, and a transit score of 53, indicating good transit options.