5169 Vermont St, Detroit, MI 48208 2042

Description

The property at 5175 Vermont sits in the Woodbridge area of Detroit (zip 48208), which is actually one of the more strategic and talked-about pockets on the west side right now. The DLBA is seeking proposals that for small- to medium-scale infill development with the goal of increasing housing supply and restoring 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. 5161, 5169 & 5175 Vermont are part of a bundle package and must be sold together for $25,000 Please note that 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.