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Varsity Shop demolition expected to begin soon

In 2016, Signature negotiated the contract on behalf of the client and closed on this project.  Our innovative process combined consulting, marketing & transactional services to best manage and support our client’s needs. 

 

The Varsity Shop property at 277 Pierce St. in Birmingham may start coming down soon, the city says.

It is owned by Bloomfield Hills-based Kojaian Management Co., which said it is awaiting a permit from the city.

Kevin Byrnes, the city’s spokesman, said earlier this month that “indications are from the developers that they would like to start demolition/construction as soon as the outdoor dining decks are closed for the season. Those dates though, are for the developers to determine.”

Contingent on weather, the last day for outdoor dining is Nov. 15, Byrnes said.

The October 2018 Downtown Parking Plan says the development is expected to consist of 2,900 square feet of first-floor retail, 11,400 square feet of office on the second, third and fourth floors, and a fifth-floor penthouse.

Whenever it starts, between prep work and the actual demolition, the process is expected to take about a month and a half, Byrnes said.

“The developers are close to getting permits to demolish the existing building and start the foundation work on what will be the new mixed-use,” Byrnes said.

According to CoStar Group Inc., a Washington, D.C.-based real estate information service, Kojaian paid $3.15 million for the Varsity Shop property in September 2016. The Birmingham Historic District Commission approved the building’s demolition in August 2016.

Marc Secontine, managing partner of the limited partnership, which owns the Varsity Shop sporting goods retailer and the roughly 8,400-square-foot building at Pierce and Merrill streets, said in April 2016 that a burst boiler pipe destroyed hundreds of thousands of dollars worth of merchandise and prompted the relocation of the store to 623 S. Adams Rd. in Birmingham.

 

Posted By: Crain’s Detroit Business on August 27, 2019.  For more information, please click here to read the source article.

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