The Detroit Brownfield Redevelopment Authority OK-ed the issuance of
bonds to back Dave Bing's
Watermark Detroit development on the East Riverfront.
Excerpt:
The bonds will be paid back out of the future tax revenues from Bing’s
$60 million Watermark project, although investors who buy the bonds
would be responsible for the risk in case of default, not the city.
Read the entire article
here.
Watermark is a $60 million development that consists of 112 units priced at approximately
$300/square foot. The three styles of housing include a 9-story tower,
6 townhouses and 10 "marina homes."
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