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JV Waits For City To OK $49-Mil Land Sale

DETROIT-Now that a new city council is seated, Kojaian Management Corp. and Lehman Bros. wait to see whether a $49.5-million land sale for almost 888 acres will go through. Their offer expires Wednesday.

By Robert Carr | Updated on January 14, 2002

DETROIT-The city council is expected to examine soon the final approval of an agreement to sell 896 acres of city-owned property in Northville and Plymouth townships. The council delayed the approval until the new members, elected in November, are seated.

A joint venture of Kojaian Management Corp. and Lehman Bros. bid about $56,000 an acre for the property — $49.5 million. The bid expires Jan. 16.

The city said the land is worth at least $31.5 million, or $35,000 an acre, on the basis of an appraisal. However, a request for proposals yielded higher bids, including the $49.5-million bid from the joint venture.

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