"We looked at the campus, and decided we won't need it for college buildings in the forseeable future," says Adelard H. Raby III, vice president for business services for Schoolcraft. "So, rather than have it sit fallow, we thought we'd make it a productive asset."
The college would continue to own the land, and lease the property to a developer at $329,000 per acre. The college board of trustees has two decisions to make by this fall, Raby tells GlobeSt.com.
"Well, they need to decide if they want to proceed with any land development at all, and if so, to choose one of the four to participate with," he says.
The proposed projects include:
* Hines Interests, LP of Houston has proposed building five four-story office buildings,each about 120,000-sf in size. Each building of the "Village Green" project could be speculative or build-to-suit, Hines says. The company also wants to change the zoning to allow for 12-story buildings. The development would take 10 years to complete, with one building constructed every two years.
* A partnership between Walkon Associates of Farmington Hills, MI and Etkin Equities of Southfield, MI has filed a plan to create two office buildings and two retail components on the property. The offices would be 125,000 sf and 75,000 sf, and marketed to full-building users. The retail space would include college-supportive shops and also big box stores. The development could be completed in two years.
* The DeMattia Group of Plymouth, MI and Village Green of Detroit have offered amixed-use retail/residential/research-development projects. About 18 acres of the group's proposal would include restaurants and up to 225 luxury apartments. The rest of the property would hold seven parcels of research-development-high tech tenants, ranging from single story, 25,000-sf structures to four-story buildings with multiple tenants.
* Lincoln Property Co. of Dallas wants to use 13.5 acres to build 27 apartment buildings, totaling 100 units, as well as amenities for the renters including a club house and pool. The development would take about 2.5 years to build.
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