The developers behind the $22.5 million Capitol Club Tower project continue to work on the design and layout of their luxury condo development in Downtown Lansing, encouraging future residents to take advantage of state tax credits offered as part of the multi-use development.
According to excerpts from the article:
Living in a luxurious, high-rise condominium overlooking Lansing’s Grand River is enough of a draw for some investors, but add a tax-free environment and the offer seems almost too good to be true. But such a project is coming to the capital city and the lines are already forming for those looking to cash in.
The Capitol Club Tower, a multi-use facility, will be the first Michigan Renaissance Zone in Lansing and one of the most exclusive combination residential-and-retail facilities in the state. The designation of Renaissance Zone by the Michigan Economic Development Corporation (MEDC) and the Michigan Economic Growth Authority (MEGA) allows residents to live tax free for a period of time—that (amazingly) means no property, no city and no state income taxes. Those signing on will receive the perk for 15 years, but the tax breaks will phase out over the last three years of the agreement. While the greatest savings will be seen by those buying high-end properties, tax savings are said to range from nearly $800 to over $2,000 a month for even less expensive units.
“The average buyer will save $100,000 during the abatement,” says Shawn Elliott, one of the developers and owner of Lansing’s Diamonds in the Rough Development Company.
Read the entire article here.
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