The city was going to lease the land to the company, which was to pay about $5 million for the construction and $144,000 a year for the lease. Millenium lost foreign funding for the project, and couldn't scrounge up local dollars. Also, a new council and mayor elected in Troy in April had hinted the museum and IMAX theater next door were too much to build on the land.
The Michigan Youth Theater wanted to construct a 70,000-sf children's museum next door to the IMAX, also on city land. That lease was for considerably less, only $1 per year. The museum would have cost about $40 million for building and exhibit costs, says Doug Smith, the city's real estate and development director.
Both of the above developers were paying $1 million each to the city for infrastructure on the property.
After his election, Mayor Matt Pryor says one priority was canceling the twoplans. He adds he does not believe in giving away city land.
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.
