The school district sold the 30-acre old high school site, torn down a few years ago, to developers. Just recently, Lockwood Construction held a grand opening of a multi-story, 126-unit multifamily rental complex on the site at M-59 and Crescent Lake Road. Three main buildings feature 130,000 sf.

The property already has a 60,000-sf Kroger grocery store and about 50,000 sf of other retail space, built about three years ago by Regency Realty of St. Louis, says Township Supervisor Carl Solden. The property is called the Waterford Towne Centre.

"They're also building a Panera Bread and a Flagstar Bank on the property," Solden tells GlobeSt.com. "It's all done through the school district, they were very selective about who could come into the property."

The township has also agreed to sell public land to a developer, Velmeir Co., which plans to build a CVS Drugstore and upscale restaurant pads, Solden reports. The 3 acres hold the former township hall, and a multi-purpose building that had housed the police station and recreational uses.

"We're about to complete a deal to sell the property for $2.1 million," Solden says. "We can finally put some property back on the tax rolls."

Waterford, a large quasi-city in the center of affluent Oakland County, has been seeing new development over the last two-three years. The township saw more than 500 new home permits pulled last year. The township has about 80,000 residents, making it one of the top five townships in Michigan.

Also, there's a $50-million price tag to rehabilitate Summit Place Mall in the township at Elizabeth Lake and Telegraph roads, says its new owner.

Nanco of Los Angeles, CA recently bought the 1.4-million-sf mall from Northwestern Mutual Insurance Co. of Milwaukee.