Magna built a facility on part of the land, but did not need the entire parcel.Burton-Katzman paired with Sterling Bank and Trust of Southfield to buy theland. Now, Katzman tells GlobeSt.com, he just has to convince the Troy city council that another large office building is needed along Big Beaver Road.
The recently-purchased land is across the street from the 26-story Top of Troy building, the largest building in the city, and is surrounded by the most office development in Southeast Michigan, including Kirco's 500,000-sf Columbia Center I and II about a half mile east of the site, and Kojaian Cos.' recently opened Troy Corporate Center two miles to the north.
"This is probably the most significant corner in Southeast Michigan," he tells GlobeSt.com about the new site, referring to the easy access off of I-75. "It's ground zero in the city of Troy, with tremendous exposure."
The land has been vacant for years, he said. He did not disclose the price of the land, or the amount the company would spend on construction.
Burton partnered on the land purchase with Sterling, but the bank actually owns the land. The development company gave its options to Sterling at the time of closing. The two companies are forming a partnership to develop the new office building.
The bank will be a tenant in the building, and may use the facility as its headquarters.
"We've been discussing other tenants, and are working with a few now. They're mostly service-orientated," Katzman says.
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