The rest of the land will be sold to a national retailer for store construction, said district officials.
Nederlander bought the 35 acres of land for $6.1 million from the state as part of the lease of the fairgrounds. He said he sold it to a real estate investment trust for $10.5 million after local residents and four cities, including Detroit, Ferndale, Pleasant Ridge and Huntington Woods, filed a lawsuit to prevent the construction of a Grand Prix racetrack at the fairgrounds.
Nederlander wants to build a track and an amphitheater on his new leasedproperty. He said he wanted to build a large hotel on the 35 acres of adjacent land. The hotel idea died when the lawsuit dragged on, he said.
It is believed local developer Bernie Schrott is behind the new landsale. Schrott was the fairgrounds spokesman for Nederlander, and his name ison the Detroit Schools purchase agreement. Schrott could not be reached forcomment.
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.
