Development News

Thompson Block project receives $185,000 brownfield tax credit

Wednesday, August 27, 2008

Ypsilanti

The Thompson Block development in Ypsilanti's Depot Town took a small step forward after the state approved an $185,000 tax credit for the $4 million renovation.

The project qualified for the "obsolete properties" section of a brownfield tax credit because the 19th Century-era building hasn't been actively used in decades. Beal Group plans to turn the historic 3-story structure at the corner of Cross and River streets into 16 luxury rental lofts and 10,000 square feet of ground floor retail space.

The company has lined up a couple of key tenants, including Broughton Music Center and a bar. Stewart Beal, who is heading up the project, is still working out the details for the project and has said he wants to start work later this year.

The building has a varied historic past. It was built in 1861 and turned into a Civil War army barracks. Since then it became the first Dodge Brothers car dealership and the city's first fire station. It's best known as the Thompson Hardware Store which, among other things, became the first place to sell bicycles in the area.

It started to fall on hard times in the later half of the 20th Century. It's now the last major commercial building in need of restoration in Depot Town.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke

Development News

Thompson Block project receives $185,000 brownfield tax credit

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