Maltese bought the land from the City for $1.5 millionthrough a bid process, says Christina DeBrouse, marketing director. Shetold GlobeSt.com that the company will incur an estimated $90 million indevelopment costs, and will pay Dearborn a 6% return on net retailleases over a 10- to 15-year period."Our deal was the most attractive to the City, because we are using theexisting stone building, and the city doesn¡Çt have do any more forthe site," she says.

The site redevelopment plan includes high-end retail, specialty stores,restaurants, a town square, additional landscaping and 60 to 90 townhouse unitsto the south. Maltese is also considering plans for a hotel, withoffice/residential space on the top floors, DeBrouse says.Preliminary plans for the 220,000-sf Jacobson'sredevelopment include a 45,000-sf gourmet market, 20,000 sf inrestaurants, 25,000 sf for an anchor store, 40,000 sf for a retailanchor and 90,000 sf in smaller specialty retail.DeBrouse says Maltese has already received several lease offers fromhigh-fashion retailers, though she said she couldn¡Çt reveal company names."By the end of 180 days, we expect to be ready to start final design andworking drawings with which we can take bids, award contracts and beginconstruction. The entire project should take about 21 months to complete,"she says.