$4.2 million in tax incentives brings Whole Foods to depressed downtown Detroit
Michigan politicians met in downtown Detroit on May 14 to break ground on a new Whole Foods Market with hopes of boosting the area’s economy and bringing new jobs to the city.
The new store is said to be part of an incentive package that includes $4.2 million in state and local funds. The store will receive tax credits and promise to remain open for seven years after receiving the first installment, Spero News reported.
Michigan Democratic Sen. Debbie Stabenow and Detroit Democratic Mayor Dave Bing joined Whole Foods co-chief executive Walter Robb at the groundbreaking.
Proponents of the project are hoping that the market will create what they refer to as the “Whole Foods Effect,” where real estate values increase in areas where stores put down roots.
The store will create at least 60 jobs. Retailers nearby are hoping that the Whole Foods will encourage shoppers to remain in the area after dark.
The mid-town Detroit Whole Foods is scheduled to open in 2013.