Terms of the deal were not disclosed. The project, on 312 acres of vacant land at 12 Mile and Mound Road, is expected to create nearly 1,000 jobs and generate $6.5 million in taxes annually. The project has been under review by the automaker, city and developer for at least two years. It will include constructing 1,100 homes, a large office building as well as the 400,000-sf shopping center, officials say.

Grand Sakwa has submitted a site plan calling for 203 single-family homes priced from $250,000 to $350,000 and 760 condominiums with an average price of $200,000. A 150-unit, senior residential center is planned, too. The project, called Heritage Village, will offer 127 acres of open space, including wetlands, woodlands and meadows, says Michael Layne, of Grand Sakwa.

The 312 acres have been vacant since before the 1940s, when GM built the neighboring Tech Center. The Tech Center employs about 20,000 workers and recently completed nearly $800 million in improvements. It's considered the world's largest product development center.