Schostak is currently building Campus Martius, a five-block, 2.5-million-sf, mixed-use development located in Downtown Detroit.
Michael Polsinelli, the Royal Oak project manager for Schostak, says the design, engineering, development and construction team members have been selected, and have begun work.
The city will sign the purchase agreement by July 20. Polsinelli says the site plan approval process should taken another 60 days, and then design work and other necessary tasks will begin in earnest.
"We should see construction starting next spring," he adds.
The company is paying $2 million to build the office, retail and parking deck on the land. Then, they can bring in a hotel firm within three years, or the company will build another office building of the same size. Schostak will then pay another $2 million to the city for the property.
Tri-Mount Construction built condominiums just north of the site, but lost its bid to build a hotel and more condos on the site in March after the company scrapped an office project that was supposed to adjoin the hotel.
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