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Developers buy Wixom property, aim for $300 million hotel/water park development

A massive $300 million-plus hotel water park and mixed-use development could be coming to Wixom if a local developer’s grand vision comes to fruition.

Wixom-based Damas Group LLC has purchased 82 acres of empty land surrounding its home base at 28345 Beck Road, just north of I-96. The property was sold by Wixom 96 LLC for $3.9 million earlier this month, according to the Oakland County Equalization Division. The resident agent listed for Wixom 96 in state corporate filings is Frank Roth.

Purchasing the land is the first action on an idea hatched in 2014 for a resort-like development with a 100,000-square-foot water park, a luxury hotel totaling 500-800 rooms, office buildings, shops and restaurants, said Dino Damavoletes, owner of Damas Group.

Plans are in the preliminary stages. Damavoletes said the deal to purchase the land was struck a couple of months ago, and they are working to clear away overgrowth on the property.

Southfield-based real estate agency Signature Associates brokered the deal.

“We plan on working with the city of Wixom and Oakland County to see what the best fit is for the property,” he said. “We would love to break ground sometime next year.”

Charley Damavoletes, Dino’s brother and business partner, said they are putting together a plan to finance the project and are hoping to secure a combination of venture capitalists, investors and financial institutions.

He said the project would provide more than 1,000 jobs.

“I think that’s a benefit on top of being a destination for families,” he said. “I don’t think there is anything like this around this area. Right now, it would be a unique project.”

Dino Damavoletes said Damas Group owns 22 buildings totaling around 1 million square feet in metro Detroit. It developed the Beck Business Center complex on Beck Road, which is a light-industrial design with 11 buildings totaling 650,000 square feet.

 

Posted By: Crain’s Detroit Business on July 24, 2018.  For more information, please click here to read the source article.

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