Troy is known as the most valuable and wanted land for office space in Michigan. The city has many automotive suppliers and other industrial firms, and boasts the star Somerset Mall as the pinnacle of Michigan retail, but the city shines the most in office space, with headquarters for Kmart, Delphi and other high-profile companies.

"I think development has gone far beyond our wildest expectations," Stine told GlobeSt.com after the address. "The early development formed the catalyst for what was to come," she said. Some significant development facts about the city include:

* The recent teardown of the dilapidated Troy Hilton property. Plans presented by Kojaian Cos. of Bloomfield Hills, MI have already been approved by the Planning Commission for a five-story, 275,000-sf office building, with delivery expected in 2002.

* The city's total market value has increased from $1.8 billion in 1976 to $10.5 billion.

* Last year, 359 industrial and commercial permits were pulled at a valuation of $165 million. Some of the city's latest commercial residents are US Steel, Lifetime Fitness, Collins & Aikman, the Detroit Auto Dealers Association, Troy Market Place, Storm Seal and Kmart data center.

"This does not take into account some of our newest businesses such as Flagstar Bank, Columbia Center II, Kojaian Office Commons, Siemons, UnaSource, the Becker Group development at I-75 and 14 Mile, and the Big Beaver Business Park. With these developments and more added in, we should see our value easily surpass $11 billion by 2002," Stine says.

She says there is only one significant piece of office property left, on 23 acres at Crooks and Long Lake roads owned by Kelly Services, and only one major piece of industrial property remaining, the 100-acres former Troy Airport off Big Beaver road.

For residential, the latest apartment complex and, undoubtedly the most upscale at this time, is Holtzman's new Regent's Park Apartments, west off Crooks Road on Butterfield Street. Stine says the city council has amended certain zoning to accommodate a fast-increasing condominium demand in the city.

"Tadian, Robertson Bros., Choice Properties, Estates Builders and Grand Sakwa are presently taking advantage of the new trend," she says.

Last year, Stine says, 212 permits for residential construction were pulled, including nine townhomes and condominiums at a value of $48 million. That was a slow year for the city, which has 30,900 single family residential units, 10,000 of which are townhomes and condominiums. This year, four new subdivisions are going through the planning stages, Stine says.

Instant Insights /

Suburban Mayor Talks About City's Successful Present and Future

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