Northville Downs residential redevelopment to cost $200 million
Randy Wertheimer, president and CEO of Farmington Hills-based residential developer Hunter Pasteur Homes, said construction on the 13-acre underdeveloped northern portion of the property should begin in the first quarter next year. Plans call for 300 apartments and 19,000 square feet of commercial space.
The $200 million cost hadn’t previously been disclosed.
Mike Carlo deferred comment to Hunter Pasteur, although he said via email that the family starts “live racing this weekend (March 22nd) and we are looking forward to another great racing season at Northville Downs.”
The property purchase for an undisclosed price has not yet been finalized, Wertheimer said.
“We had the ability to close in two stages because we knew this was a possibility,” he said. “As soon as we get site plan approval on the northern portion, we’ll start construction.”
Wertheimer said the community, which has about 6,000 residents, is going through an appropriate planning process considering the size of the project.
“This is a big change for them. This is a huge real estate deal that will increase the population by 15-20 percent — we are talking about adding 900-1,000 residents. I understand why it’s taking a long time,” he said.
Northville Downs, Michigan’s last horse track since Hazel Park Raceway closed a year ago, will remain open until the development begins. The track’s owners said they will seek to continue racing and wagering operations “at an area in close proximity to its current location,” according to the statement from Hunter Pasteur Homes released in April.
A message seeking comment was left for Northville city officials.
Eight Michigan horse tracks have closed since 1998 as the public has instead opted to spend money at the commercial and tribal casinos across the state, and because the lottery expanded and online forms of gambling have proliferated.
Northville Downs can trace its roots to 1902. A driving club was formed in 1907 to manage land in Northville that had been turned into a rudimentary fairgrounds horse track in 1902. Michigan didn’t create a formal pari-mutuel harness racing law until 1933, and Northville Downs became the entity it is today in 1944.
Posted By: Crain’s Detroit Business on March 18, 2019. For more information, please click here to read the source article.
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