The development is expected to cost between $70 million to $100 million, says Jon Savoy, the Grubb and Ellis broker for the land.Wixom, a city to the north, has led the Southeast Michigan market with new business and technology park developments. The city lies alongside the I-96 Corridor, a hot market right now for industrial and office development.
However, the city is losing available land fast, and developers are looking to move into nearby areas, Savoy tells GlobeSt.com.
"The area now has sewer, and there's a large amount of accumulated industrial property nearby. Lyon was just the next step," he adds.
Quadrants had been waiting for approvals from the township to move forward on the property, which calls for about 30 sites of between 1.5 and 5 acres. The property could even use a tenant needing up to 50 acres, Savoy says.
The township did not have sewer and water leading to the site, and Quadrant had talked about annexing the land for Wixom. To keep the property, the township built the infrastructure to the site. The new water and sewer are almost in, say township planning officials, with just the question of where the sewer line will go in remaining.
Also, there are some details to clear up with the Michigan Department of Environmental Quality. Savoy says a hearing will be held to acquire wetland permits, to put in the roadways. He refused to elaborate further.
Savoy says Quadrant hopes to have the site plans in front of the township planning commission within the next two to three months. Construction could begin soon after, he says.
There are negotiations ongoing with tenants for the site, Savoy reports, but he could not elaborate on the type of tenants or their uses. The average rental rate for the Wixom area is $7.90 per sf, according to CB Richard Ellis of Southfield, MI.
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