TROY, MI-A new mixed-use project will bring about 140 condominiums to the city, which has seen an influx in condo developments in the last two years. The project, to be built by Robertson Bros. Co. of Bloomfield Hills and Franklin Property Corp. of Farmington Hills, will include condos and a 45,000-sf office building along Rochester Road, just east of South Boulevard.
Also, the Troy Baptist Church is building a 100,000-sf church on 60 acres on the south portion of the 84-acre site. Altogether, the new developments will cost about $53 million. Franklin president Andrew Milia says his development will cost about $40 million to$45 million.
The church bought the property from a local company that had wanted to build a cemetery on the land, the largest developable parcel left in the large Oakland County suburb. Troy Baptist decided it didn't need the entire parcel, and sold the rest of the land to the joint venture, Milia tells GlobeSt.com.
He says condos are one of the hottest commodities in Troy today.
“There aren't a lot of condominiums in Troy, they're a badly needed product,” he adds.
The city has a strong residential base and is the strongest office market in the southeast Michigan area. Milia says the office building will be two stories high. The building is just being built on speculation at this point, Milia says.
“We don't have a tenant yet, we'll probably lease it out at $25-$27 per sf,” he says. “We're still going through the preliminary site planapproval process with the city.”The lease prices are average for Troy, according to real estate reports. Milia says five to 10 tenants could occupy the building.
Troy Baptist will spend about $10 million on its new church to replace the current worship center on 16 acres about three miles south on Rochester Road.
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