Eric Castro, a developer with New York City-based Endeco International, has already started talks with Troy officials about constructing a 1.5 million mixed-use facility on 16 acres east of the Top of Troy, according to Mayor Matt Pryor. The development would have offices, retail, condominiums, a hotel, restaurants, and possibly even entertainment venues such as a movie theater or other uses. It would cost about $500 million, and could even include a performing arts center and conference center, two projects the city has been considering placing on city-owned land across the street, Pryor says.

The mayor says if the city could use the public land for more public uses, it would be a relief. "If someone wants to develop those two projects privately on their own, that 's great by us," he notes. Castro has talked about buying the 26-story Top of Troy building, adjacent to the 16-acre property, to expand the project.

Kojaian Cos. of Bloomfield Hills owns the building. Jeanine Mixdorf, a Kojaian marketing director, had initially said her company was not interested in selling it. However, she agreed Monday that that is no longer her direction, and indicated there have been talks between the developers. "I can't comment on what is happening right now," she tells GlobeSt.com. "That building is great for us, it's pretty much always full."