296 Belmont Street, Detroit, MI 48202

Property Description

Opportunity to own 4, connected, VL parcels in Detroit's North End! This property is listed in a bundle with the following four contiguous parcels: 278 Belmont, 288 Belmont, 296 Belmont, and 302 Belmont, and must be sold together. These must be purchased together and cannot be split. Zoned residential, the property offers excellent potential for a new-build/infill development opportunity. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2.Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects (include addresses and photos). The 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. 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. Please note that 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.