Ecclestone had dropped two plans for the property, one in the late 1980s for a $40-million hotel, theater, restaurant and office complex, and a plan in 1997 to spend $250 million to build a new baseball stadium for the Detroit Tigers, a casino and other entertainment uses, called Metro World Centre.
The Tigers opened their new Comerica Park in 2000 in Downtown Detroit.
Now, the option that Grand Sakwa had on the land has expired. William Eisenberg from the company had said the company wanted to use the property for corporate headquarters, high technology and research and development facilities.
Apparently, the company didn't want to the land bad enough.
Now, Ecclestone has hired Cushman and Wakefield of Michigan Inc. to again market the property.
The land, historically used as farmland, is on Vining Road across from the airport. It's adjacent to the current Nemer Group $120-million development on 80 acres, where the company plans to build a hotel and office, retail and research and development space.
Peter Rogers, associate director at Cushman, tells GlobeSt.com the property is zoned as RC, or regional center, and will allow a combination of uses, from retail to office to research and development. He threw out a price.
"If someone wants to come in and give us $30 million for the property, we'd be happy," he says. The land could also be split and purchased for a lower price, he adds.
There has been some interest, Rogers says. Also, 80 adjacent acres were sold to another developer. The city has extended roads and infrastructure to the property.
Rogers says as long as the economy turns around, this property will be valuable.
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