Magna built a facility on part of the land, but did not need the entire parcel.
Officials from Burton-Katzman talked with city officials about changing the zoning of the Magna to a higher commercial use. Magna's site is mostly zoned high-office, but the new parcel has a partial lower-density zoning. Instead of forcing Burton-Katzman to go through a slate of variance approvals for the property, officials are talking about creating a new ordinance that would allow a transfer of development rights at the time of purchase.
Because Magna did not use all its allowed density, the TDR ordinance would allow Burton-Katzman to incur the rights to develop that density after buying the land.
Burton-Katzman paired with Sterling Bank and Trust of Southfield to buy the land.
The parcel is across the street from the 25-story Top of Troy building, the largest building in the city, and is surrounded by the top Southeast Michigan office development, 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.
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.
