The number of stores has almost doubled, and the traffic has increased each year, according to the owners. Now, the owners want to develop the rest of the land.
Howard and Rice Management Co. is the parent company of Kensington Valley. Mark Rice, its president, says he's negotiating with three potential tenants to sell 5 acres of land adjacent to the mall.
"The whole lot is 46 acres, with the mall occupying 41 of those," Rice tells GlobeSt.com. "The land was always designed as an out-lot. It's just taken a while to get around to selling the property."
He says he's talking to users who want to put in two restaurants and a hotel on the 5 acres. Rice said he couldn't release the names of the potential buyers, but hopes to have a deal soon. He also declined to give a selling price.
With the massive residential migration west of Detroit and north of Ann Arbor, new retail developments are just starting to increase, especially along the major highway interchanges. Kensington was one of the first built since the wave started, and has seen nothing but growth, Rice says.
"With the growth around here, you'd have to be an idiot not to be able to make a development work," he says. "I might have two or three storefronts vacant right now, but we'll have those filled by springtime. I'd say we've always been about 95% full."
Kensington currently employs more than 500 employees, and might have 7,000 cars on a good day, Rice notes.
The corner is opposite the TransWest Industrial Center. Voted "Best Industrial Park of 2001" by the Insider Business Journal, this 233-acre park is one of the few state of Michigan certified industrial parks in Livingston County.
The two other corners are vacant property zoned for office and retail uses, Rice adds.
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