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Hazel Park Raceway redevelopment gets $21.44 million in brownfield financing

The $85 million redevelopment of the Hazel Park Raceway has received state approval for $21.44 million in brownfield financing.

The Michigan Strategic Fund board approved the measure for New York City-based Ashley Capital’s redevelopment Tuesday.

The second phase of the Tri-County Commerce Center project is slated to bring a pair of new manufacturing, distribution or warehouse buildings to the remaining 95 acres of the racetrack site totaling about 1.49 million square feet: One about 650,000 square feet, the other 840,000 square feet, according to an MSF board memo.

Ashley Capital’s state tax capture would be $6.84 million while the local tax capture would be $14.6 million.

Southfield-based Signature Associates Inc. is responsible for leasing the buildings to tenants.  For more information about leasing, click here.

Ashley Capital, which has its local office in Canton Township, in 2015 purchased 36 acres of the property at 10 Mile and Dequindre roads and developed the first Tri-County Commerce Center building that totals 575,000 square feet and now houses operations for Amazon.com, LG Electronics and Bridgewater Interiors. That project received $5.75 million in brownfield financing, the MSF memo says.

The track at the southwest corner of 10 Mile and Dequindre roads closed in April after 69 years and a long streak of losing money, including at least $1 million annually before the switch from harness racing to thoroughbreds in 2014.

Ashley Capital purchased the remaining 95 acres of the property later that month.

 

Posted By: Crain’s Detroit Business on November 27, 2018.  For more information, please click here to read the source article.

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