The lots were foreclosed after a previous developer's plans failed in the mid-1990s but purchased by Triangle in May. Initial development plans include eateries, cultural and recreational venues, specialty stores, office and hotel space, and a heavy residential component mainly in the form of stacked units or condos on top of retail stores. The area is zoned for dense mixed-use development, with about 105,000 sf of retail space and 20-25 residential units per acre. The developer is conducting a market study to decide on the cost of condos.
Assistant City Manager Clay Pearson says it's a good time to continue the unfinished project. "It's a very attractive restaurant area. The projects are there," he says.
The project will closely follow the style and mix of residential and retail plans that have existed for that area under the previous developer, but with less office space, says Triangle director of acquisitions and development Dave Nona. The project is in the early planning stages but developers have already contracted architects and met with city officials several times.
They will present a final plan within a year, Nona says. The whole project could be done within three to five years, adds Pierre Nona, a partner with Triangle and Dave Nona's brother.
"We feel very positive about it," Nona says. "Novi is a good area. We think that the time is right for urban-type developments. People want to live in a community where shops and services are close by, where people can walk to a restaurant and an ice cream shop."
Plans also include space for urban parks, venues for art shows and a farmers market. Developers plan to invest between $80 million and $100 million in the project.
Architectural plans for condos will be similar to those at their nearby development — with a brick facade and parking in the rear. Prices for those begin in the low $200,000s.
Pierre Nona said the project is exciting for a growing city that attracts young families, single professionals and empty nesters. He hopes the project follows the success of downtowns like Birmingham and Ferndale.
"It will be attractive to young people getting out of college," he said. "It will be a great street with lofts and hotel space."
Main Street already has enjoyed some successes, including the Mongolian Barbeque, the Lazy Lizard Cantina, The Post Bar and Gus O'Connors.
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