Eric Castro, a developer with New York City-based EndecoInternational, has already started talks with Troy officials aboutconstructing a 1.5 million mixed-use facility on 16 acres east ofthe Top of Troy, according to Mayor Matt Pryor. The developmentwould have offices, retail, condominiums, a hotel, restaurants, andpossibly even entertainment venues such as a movie theater or otheruses. It would cost about $500 million, and could even include aperforming arts center and conference center, two projects the cityhas been considering placing on city-owned land across the street,Pryor says.

The mayor says if the city could use the public land for morepublic uses, it would be a relief. "If someone wants to developthose two projects privately on their own, that 's great by us," henotes. Castro has talked about buying the 26-story Top of Troybuilding, adjacent to the 16-acre property, to expand theproject.

Kojaian Cos. of Bloomfield Hills owns the building. JeanineMixdorf, a Kojaian marketing director, had initially said hercompany was not interested in selling it. However, she agreedMonday that that is no longer her direction, and indicated therehave been talks between the developers. "I can't comment on what ishappening right now," she tells "That building isgreat for us, it's pretty much always full."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.