The company is the owner of the Troy Commons Shopping Center at the northwest corner of Big Beaver and Rochester. The remnant was acquired by the city as a result of Big Beaver and Rochester Road widening projects.

The city council negotiated with Stuart Frankel, of Troy Commons, for the sale of this remnant parcel, says City Manager John Szerlag. Szerlag says the city received an independent appraisal from Fuller Appraisal Services for the property. The conclusion James Fuller reached was that the property, if sold to the adjacent property owner, is worth $525,000, Szerlag says.

The city believes the market could sustain a slightly higher per square foot value of this property closer to $13 a square foot even with the city's restrictions regarding open clearance on the southern part of the property and no direct access to either Big Beaver or Rochester Road.

"After discussions with Frankel, a figure of $545,000 was arrived at," Szerlag says. "Since Mr. Frankel's property is under a consent judgment, it will be necessary to revise the property description to incorporate this additional parcel. Mr. Frankel is still restricted to no more than 140,000 sf on the site and he intends to comply with this limitation."

A revised site plan will be submitted soon. It is also expected that once the city gets more details regarding the future tenants and development of the site the consent judgment may need to be amended to allow for additional signage, Szerlag says.

Instant Insights /

Frankel Purchases Adjacent Land from City

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