A 14,000-sf retail market place is also under way that will have a Potbelly Sandwich Works, Cold Stone Creamery and Panchero's Mexican Grill and Caribou Coffee. The development team, a joint venture consisting of Marvin Walkon and Etkin Equities, also plan to build about 500,000 sf of office space that could be extended from four to six office buildings visible from I-275, according to Livonia Mayor Jack Engebretson.
Previously, the 45 acres for the development was exempt from property taxes because it is owned by Schoolcraft College. But the college leased the land for development, putting the property on the tax rolls.
Once completed, the development should generate about $1.9 million a year in city, county and school tax dollars, with about $428,000 of that going to Livonia.
This development marks the second time in 15 years that the college leased out its land. Schoolcraft College first leased its land for the Seven Mile Crossing buildings at Seven Mile and Haggerty.
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.
