"These developments will assist the residents and the business community," says City Manager John Szerlag.
The L-shaped property, about 128 acres, fronts on the north side of Big Beaver and Livernois roads, separated by the Troy Marriott and offices on the corner. Szerlag says the projects are in the planning stages. They are a mix of public and private developments, and details have to be worked out with interested developers and tenants before site plans can be approved. The City Council must then give its go-ahead.
These projects include:* The IMAX Theater being offered for development by Millenium Entertainment on land owned by the city, right behind the community center. The city will lease the land to the company, which will pay about $5 million for the construction and $144,000 a year for the lease. Szerlag says he hopes to present the plan for approval to council in two months. The theater could be up and running by 2002. Millenium Entertainment is paying $1 million to the city for infrastructure on the property.
* The Michigan Youth Theater is building a 70,000-sf children's museum next door to the IMAX, also on city land. That lease is for considerably less, only $1 per year. The museum will cost about $40 million for building and exhibit costs, says Doug Smith, the city's real estate and development director. This should also be before the council in March, Szerlag says, and will hopefully open in 2003. The Michigan Youth Theater also is paying $1 million to the city for infrastructure on the property.* A 150,000-sf conference center. This project came up last year to the council as part of a proposal by the land owners, Liberty Property Trust, based in Malvern, PA, with an office in Southfield, MI. The company owns a strip of land south of the community center. It wants to build a 10-story hotel and an office complex on that strip and proposedthat the city construct the conference center next door.
"The numbers wouldn't work for the city to build it," Szerlag said. Plans for the hotel and four-story office building, which may have retail and restaurants on the ground floor, are still being negotiated. Meanwhile, Szerlag says the city is waiting for a report by the Detroit Area Chamber of Commerce, which is doing a study on whether the civic center area will support a conference center. "If we get the report back and its positive, we will build a business case and take it to the state to try to get financial assistance," the manager says.
* A 5,000-seat performing arts center is proposed for the east corner of Big Beaver and Civic Center Drive, across from city hall. "Research has shown that this development would be economically viable," Szerlag says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
