Efforts to attract high-tech development for Five Mile and Ridge Road area ramps up
Plymouth Township is ratcheting up efforts to lure high-tech companies to develop a 71-acre site southwest of Five Mile and Ridge roads.
Township-based Hillside Investments is being recommended by brokerage firm Signature Associates to potentially buy and develop the land, located on the western edge of the Michigan International Technology Center, an emerging high-tech corridor along Five Mile in Plymouth and Northville townships.
Hillside touts $1 billion in commercial real estate assets it has acquired in 16 states, including numerous developments in southeast Michigan. The company is expected to appear before the township board this month.
Steve Gordon, president of Signature Associates, has told township officials that his firm recommends Hillside to develop the property based on its track record. Gordon said it’s possible the site could see development begin to emerge on the Five Mile-Ridge site by year’s end, with potential occupants coming next year.
Gordon said his firm researched area developers before suggesting Hillside.
“We know the properties. We know the buyers. We know the developers,” Gordon recently told the Plymouth Township Board of Trustees.
“We know who has the appetite for a particular property at any given time,” he added.
Plymouth Township owns about 132 acres southwest of Five Mile and Ridge, but only 71 acres is ripe for development. The rest is designated as wetlands and parkland.
Other property to the east, on the former Detroit House of Corrections site, is being marketed for development by the Michigan Land Bank Fast Track Authority.
Gary Roberts, a real estate consultant, has said the so-called DeHoCo site is part of a larger, 800-acre area along the Five Mile corridor in Plymouth and Northville townships, where he predicted 6,000-8,000 jobs will be created.
The latest efforts to sell the land in Plymouth Township come as development already has occurred along the Northville Township side of Five Mile.
Heise said the Plymouth Township property has been appraised at about $4 million. Through a court-ordered consent agreement that followed a lawsuit, Wayne County would get the money from the sale except for about $742,000, which the township would get for debt and legal fees it has incurred for the land.
However, the township and other government taxing jurisdictions would stand to gain from tax revenues generated by new development on the site.
Posted By: Hometownlife.com on January 31, 2018. For more information, please click here to read the source article.
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