"With the successful bidder required to donate at least 40 acres to Northville Township for public use, this truly is a win for all," he adds. As part of the agreement with the state, REI must donate 40 acres of the property to Northville Township.
REI plans to conduct an environmental study on the property. It has until Sept. 15 to close on the property. REI also has the option of purchasing an extension, which could push back the closing date another 30 days.
A partner in REI says exact details for what to do with the property have not yet been finalized. In the past, potential suitors for the property said it could cost between $10 million to $20 million to demolish the 28 buildings on the property and prepare it for new building.
The state also received bids of $43.5 million from Rock Construction Co. Inc. of Livonia and $36 million bid from Konstar LLC of Auburn Hills.
The 50-year-old hospital was closed by the state in May 2002.
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