(For more retail coverage, click GlobeSt.com/RETAIL.)
ALLEN PARK, MI-Phase I of the 404,040-sf Fairlane Green retail development, which broke ground in September 2005, is nearing completion. Thus far, 75% of the property is already committed.
A Target SuperCenter grand opening is scheduled for Sunday, October 9. "We've turned over Target; Bed, Bath & Beyond, TJ Maxx, Old Navy, Lane Bryant, Long Horn Steak House and On the Border," says Lance Taylor, development manager of Archon Group, LP, in Irving, TX, which is overseeing the development of Phase I.
"We have about 30,000 sf of shop and pad leasing that is in negation now," he adds. "I'd guess that these leases will all be signed by year's end, and I'll project that the project will achieve stabilized occupancy by late next year."
Fairlane Green, consisting of green space along with the retail center, is situated on 105 acres of landfill, between Oakwood Boulevard and Outer Drive. Phase II will be developed by Ford Land, the real estate arm of Fort Motor Co., which owns of the entire property, consisting of approximately 400 acres.
Neither a groundbreaking date for Phase II, handled by Ford Land, nor construction costs on Phase I could be obtained by press time. The quoted rate per sf ranges between $24 and $30 triple net annually, "depending which space the tenant wants," Taylor tells GlobeSt.com.
David Hesano, Michael Lippitt and Bradley Rosenberg with Landmark Commercial Real Estate Services in Detroit are handling leasing activities, and Diane Toonman of CB Richard Ellis' East Lansing, MI office is overseeing property management.
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