District Detroit project developers seek $616 million in funding

DETROIT (FOX 2) - Developers being a massive project in Detroit that would construct some 10 buildings for affordable housing, retail and office space, and other mixed-use purposes are asking for $616 million in funding.

Labeled "transformational brownfield" funding, the money request represents close to half of the expected $1.5 billion cost that Stephen Ross and the Ilitch family say it will be needed for the project.

The incentives package was announced during one of the project's community benefits meeting Tuesday night. 

The Detroit Economic Growth Corporation says the 10 projects will generate $751 million in new tax revenue over 35 years. 

The massive project will need to be approved by multiple advisories boards, including Detroit City Council and the Detroit Brownfield Redevelopment Authority Board.

RELATED: Residents push back on new District Detroit $1.5B proposal for downtown development

Under the proposed plan, the Fort Wayne Hotel and the Detroit Live Building will be preserved and turned into retail and residential space. Two new buildings would go in on Woodward and Cass Avenues while commercial office buildings and hotels would also go up.

See a full breakdown of the project specs here.

Any of the developments that dedicate 20% of their units to affordable housing will be eligible for cheap loan options. 

The project was first unveiled during to residents during a community benefits meeting at Cass Tech last November. The unveiling sparked questions about whether the public transit in the area can support an increase in traffic.