The land, across from the city hall, is now vacant. Plans to build a Michigan Youth Theater and an IMAX theater on the property failed this year, after Mayor Matt Pryor, who opposed the project, was elected.
The city is now sending a request for proposals to Hotel Investment Services of Troy, The Spencer Group of Plymouth, Hospitality Advisors of Ann Arbor and Acquest Realty Advisors Inc. of Bloomfield Hills.
The companies are asked to come up with a feasibility study that will include all the current wanted projects on the site, including traffic counts and the local economic impact.
The RFP's are due back to the city Nov. 15, the night of the city council meeting. According to the city time line, the contract should be awarded by Nov. 21, and the study should be completed by Jan. 25.
The four companies have agreed not to bid on the projects after the study is completed.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
