Most of the 140 residents that live near the property, located north of 14 Mile Road and east of Orchard Lake Road, have agreed to sell their homes to developers Grand Sakwa Properties and Phoenix Land Development Corp., both based here.
Phoenix Land officials say an existing Kmart may be demolished to make way for a new one. They're also talking to representatives of Lowe's, which has optioned to buy 17 acres, and other department stores and restaurants. The developers could begin construction by July, with a completion date some time in 2003.
The vacancy rate for office space in the city is 8.4% out of almost 5 million sf, according to Grubb and Ellis of Southfield. The city is the third-largest office market in Oakland County. Average lease rates are at $23.75 per sf.
Malan Realty Investors of Bingham Farms is also a partner in the project.
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