Politics & Government
$1.3M Brownfield Plan OK'd for Peabody's Redevelopment
A Southfield development company plans to build a five-story mixed use building on the current site of Peabody's Restaurant.
BIRMINGHAM, MI – The Southfield development company will build a five-story building on the Peabody’s Restaurant site under a $1.3 million brownfield plan approved by city officials.
Alden Development group wants to replace the family-owned restaurant at 34965 Woodward Ave. with a five-story mixed use building that combines residential, office, retail and underground parking, The Birmingham Eccentric reports.
Under brownfield plans, the developer pays the cleanup costs out-of-pocket and then bills the city for the expenses, which reimburses them by “capturing” the taxes generated on the improved project.
Find out what's happening in Birminghamfor free with the latest updates from Patch.
Alden Development expects the new building will increase the taxable value of the property to $7.5 million, up from the 2015 taxable value fo $658,000.
Find out what's happening in Birminghamfor free with the latest updates from Patch.
Stay Connected
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
