Now, the city has turned to Burton Katzman Development of Bingham Farms, MI to develop the site, says Romeo Betea, Dearborn's director of economic development.
"The company plans to build a mixed-use project with housing, office and retail properties and a hotel," Betea tells GlobeSt.com. "I think the cost of the development is more than $200 million."
Burton-Katzman has been appointed by the city as the preferred developer of the land, which the city owns.
"They will be under contract shortly, then they will do their due diligence. They have 180 days to validate concepts and designs and bring them back to the city," he adds.
The land will then be sold to the firm, unless there is an unforeseen delay, such as what happened with D.J. Maltese, Betea explains.
A spokesperson for D.J. Maltese could not be reached. "That company was given two 180-day periods, but they couldn't put a project together," Betea notes.
Dearborn municipal officials signed an agreement with D.J. Maltese in December 2000 for the redevelopment of the former Jacobson's. The company was one of many, including Burton-Katzman, who had answered the city's request for proposals for the site.
Mayor Michael Guido had championed the Burton-Katzman project in late 2000, but was outvoted by the former council. Now, a new council, including Guido, unanimously approved Burton-Katzman for the project.
The Jacobson's store closed in February 1997, and the building and the parking lot area, on Michigan Avenue between Mason and Military streets, was later taken over by the city.
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.
