Gov. Jennifer Granholm told GlobeSt.com last week that she would like to see the property go to Toyota. The No. 1 Japanese automaker planned to build a technical center at the location. Granholm said such a move would bolster the region's standing as the world's automotive hub -- and bring more good-paying jobs to southeast Michigan.
"This was a difficult decision that was not made lightly," state Dept. of Management and Budget director Mitch Irwin says. Irwin says legislative requirements that the state retain gas and mineral rights could hurt the property's potential for development. Spokeswoman Bridget Medina says the DMB plans to ask the legislature to remove the gas and mineral requirements, but adds doing so could take time.
Bloomfield Hills-based developer DPG York LLC says it would develop the property primarily for residential use, with some commercial property. But Granholm made it clear that despite Toyota's lower bid for the property, she thinks the state would gain more in the long run.
"Toyota is poised to expand their operation in Michigan and, in the process, provide thousands of great job opportunities for Michigan residents," Granholm says. She is asking the state legislature to speed the transfer of the property, which once housed a state hospital.
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.
