Excerpt: Bloomfield Hills-based Method Development has acquired five properties in Detroit’s Milwaukee Junction neighborhood. Construction on a $20-million, mixed-use redevelopment project is slated to begin in 2020.
The deal closed in February, and the properties total more than 101,000 square feet on 1.76 acres. The plan is one of the first major Opportunity Zone projects in Detroit. Opportunity Zones were created under new federal tax laws that provide benefits to investors who reinvest capital gains income into development in designated areas across the U.S.