5040 Fernwood Street
Detroit, MI 48204

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Description

This is a land-based site. This vacant lot is sold with 5054,5060, 5066, and 5074 Fernwood. Totaling= 47,720 sqft. Not sold separately. Zoned R3. The DLBA is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult our proposal guidelines for land-based sites and DLBA Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. BATVAI. All offers must be supported by Proof of Funds (funds should meet or exceed development costs). Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatement on the purchase and development financing.

Features

• Property Type: Residential Lots & Land
• Sub Type: Residential Lots & Land
• Listing Status: Active
• County/Area: Wayne County
• Zip Code: 48204
• Subdivision/Neighborhood: John Tiremans Sub (Plats)
• School District: Detroit
• Directions: Take Livernois headed south, pass Joy Rd. Make left onto Tireman. Then make a left onto Ironwood. This will turn into Fernwood.
• MLS Area Major: Wayne County - 100
• MLS Area Minor: Wayne County - 100
• Main Type: Land
• Parcel Number: W16I003548C50
• Tax Legal Description: N FERNWOOD E 17.5 FT 131, 130 & 129 JOHN TIREMANS SUB L32 P10 PLATS, WCR 16/168 87.5 X 120 (10500 SQ FT)