A 300,000-sf hospital for mentally ill criminals sits on the southeast corner of the property. The rest of the property has been used as farmland. Plans are to build a new $95-million, 335,000-sf acre hospital on the north end of the site, and to demolish the old facility, says Penny Griffin, public information officer for the Michigan Department of Management and Budget.
"We're not planning to finish construction on the new facility until 2003. We've just started reviewing how to market that property," Griffin tells GlobeSt.com.
After the hospital is built and running, she said, 702 acres will become available for development. Griffin said the land has been hypothetically appraised at about $13.5million, based on possible usage, estimated tax awards, utilities, road access and zoning. Only the hospital has water and sewer hook-ups.
She said the state bought the parcel many years ago, when it expected toexpand on the property. "Back then it was easier to buy a lot of land, rather than wait and buy it when it was more expensive due to growth," she says.
Whatever is built will have a large land buffer between the development and the hospital, she says. "We like to have some land around the inmates," she adds.
Griffin said the state has not discussed the land with any developer.
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.
