He represents the neighboring Providence Hospital, which bought the property and is turning it into the Village at Cornerstone. Tadian Homes of Troy is building the new condos on 9.3 acres of the property.

Jonna tells GlobeSt.com the Southfield Downtown Development Authority has promised to pay his team $250,000 for the demolition costs of the former 12-screen theater, which was last known as the AMC Southfield before it closed last spring.

The city is trying to revitalize the area.

Jonna says Tadian is currently building 60 of the new units, and expects to complete the total complex by spring 2004.

"Lots of people are renters in the area, so this is an opportunity to have a down payment and low interest rates, to own something and have equity. That's the whole attraction," Jonna adds.

Northland mall has been sold and is being repositioned, Providence just spent $40 million on a campus renovation, Solo Development recently opened the Clocktower mall and other developers are busy, he notes. Three restaurants are also planned for the Cornerstone site, Jonna says. An Outback Steakhouse has already opened.

"Two more similar-size restaurant pads are proposed for an area along Greenfield Avenue," Jonna says.

Providence is already trying to build a $108-million hospital in Novi.