Barwin expects to bring offers from mixed-use developers before the council's approval within the next month. "Mixed-use developers will build things such as small offices and residential housing," he says. "This brings both new businesses and new residents to Ferndale."
By rezoning a portion of one parcel of land, which is on Academy with some frontage on Hilton, the price could also jump about 10%, says Marsha Scheer, head of the city's community development department.
There are now three bids in the $200,000 range for the property, which the city would like to see developed with three single-family houses with mixed development along about 90 feet of Hilton. The city is expected to put the property out for bid again now that it has been rezoned.
The Friedman Real Estate Group Inc. of Farmington Hills is handling the sale of two of the rezoned properties--an 18,000-sf parcel on Hilton south of 10 Mile Road and a 31,700-sf property on Hilton four blocks south of Nine Mile Road.
Voters in November 2003 approved selling off the land now up for sale. The city wanted to be rid of maintenance costs of owning the land and put it back on the tax rolls to generate revenue. The estimated value of the land for sale is more than $500,000.
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