8544 W CHICAGO St Detroit, MI 48204

Listing office Keller Williams Realty-Great Lakes e***@monzogroup.com Show Phone

Listing date Jun 17, 2023

Source Exitrealty

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Investment Insights

Based on property information with market context.

This vacant lot is located on high-traffic W Chicago Street. It is suitable for a new business venture. The Detroit Land Bank Authority (DLBA) is seeking proposals for small- to medium-scale infill development. The goal is to increase housing supply and restore the urban fabric, as well as density and walkability. Interested buyers should consult the proposal guidelines for new build opportunities. The DLBA also recommends reviewing 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.

Key Highlights

• Vacant lot on high‑traffic W Chicago Street - suitable for business venture.
• Opportunity for small- to medium‑scale infill development.
• Aligned with DLBA's goal of increasing housing supply and restoring urban fabric.

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FAQs

What type of property is this?

Commercial land - Vacant lot ready for your next business venture!

Where is this commercial land located?

The property is located at 8544 W CHICAGO St Detroit, MI.

What is the asking price?

The asking price for this property is Off market.

What are key features of this property?

This property features: Vacant lot on high‑traffic W Chicago Street - suitable for business venture.; Opportunity for small- to medium‑scale infill development.; Aligned with DLBA's goal of increasing housing supply and restoring urban fabric.