The new plan calls for three restaurants, a bank, a strip of retail shops and about 500,000 sf of office space. The development should bring the college about $800,000 annually for 75 years, with incremental raises to account for inflation and other factors.
The college says development will also aid the city and local school system by increasing the tax roll. Once completed, the development should generate close to $2 million a year in city, county and school tax revenue.
Schoolcraft already is property owner in the area. It owns and leases property that houses the Seven Mile Crossing at Seven Mile and Haggerty. The three office buildings generate about $300,000 a year for the college.
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