Eastland Center heads to auction; Harper Woods proposes new city hall on site
Harper Woods is proposing to move its civic center to the Eastland Center property as part of a mixed-use redevelopment if the long-struggling shopping mall is sold at auction next month.
A concept plan by Northville-based McKenna Associates shows a reuse of the site at 18000 Vernier Road that includes 450,000 square feet of civic space surrounded by 680 apartments and row houses. An 84,000-square-foot hotel and 20,000 square feet of restaurant space are also included in the plan, which was presented to City Council last week.
It’s not known what would happen to the existing city hall or police department property on Harper Avenue, or how many square feet the city would need as part of a relocation. The city did not make officials available for comment Monday morning. McKenna Associates deferred comment to the city.
Eastland Center has tens of millions in unpaid debt stemming from a September 2006 commercial mortgage-backed securities loan that matured in October 2016, according to data from New York City-based Trepp LLC. The current balance is $36.46 million, and the loan from Wachovia went into foreclosure in May 2015.
Of Eastland’s approximately 1.4 million square feet, about 640,000 square feet are going up for auction coordinated by Southfield-based real estate brokerage Farbman Group, the news release says. That does not include the former Macy’s and Target stores, or the Lowe’s and Home Depot properties.
The mall has suffered in recent years as large tenants including Target, Macy’s and Burlington Coat Factory have closed as online shopping and consumer trends have battered the retail industry overall.
It was last sold in February 2006 for $50 million, according to CoStar Group Inc., a Washington, D.C.-based real estate information service. CoStar says the mall is 75.9 percent occupied and sits on 61 acres of land.
Current tenants include Shoppers World, Payless Shoe Source, Kay Jewelers and Finish Line, according to the online brochure marketing the auction.
The brochure says the summer taxes were about $244,000 and the winter taxes were about $374,000.
Posted By: Crain’s Detroit Business on September 24, 2018. For more information, please click here to read the source article.
To receive the In The Know from Signature Associates, please click here to be added to our mailing list.
« Back to News
Did you know?
- In 2017, Signature completed more than 1,106 transactions totaling 34.7 million square feet and 1,536 acres with a value of $1.2 billion.
- Signature Associates has 6 veterans or active duty military officers.
- Almost 60% of Signature’s professionals have been with the firm at least 10 years.
- Signature Associates completed over 1,106 transactions in 2017.
- Signature loves animals! Over 60 professionals have dogs and 20 professionals have cats and collectively we’ve raised thousands of dollars in the last year alone for area animal shelters.
- Signature is featured as: Best & Brightest Companies to Work For 2017, Cool Places to Work 2017 & 2016, and Top Workplaces 2017, 2016, 2015 & 2014
- Signature Associates and its team donate time and money to over 40 organizations throughout Michigan, Ohio and the United States.
- Signature Advisory and Management Services team performed comprehensive construction management services for projects totaling over $60 million and managed more than 8 million square feet of commercial space for our third-party clients, making us the largest locally owned third-party property management firm in the market.
- Signature Associates has completed more industrial leases than any other brokerage firm.
- Signature Team Cares was formed in January 2017 to help further our efforts and long history of partnering with local organizations to improve lives and to benefit our communities.