The rest of the land will be sold to a national retailer for store construction, said district officials.
Nederlander bought the 35 acres of land for $6.1 million from the state as part of the lease of the fairgrounds. He said he sold it to a real estate investment trust for $10.5 million after local residents and four cities, including Detroit, Ferndale, Pleasant Ridge and Huntington Woods, filed a lawsuit to prevent the construction of a Grand Prix racetrack at the fairgrounds.
Nederlander wants to build a track and an amphitheater on his new leasedproperty. He said he wanted to build a large hotel on the 35 acres of adjacent land. The hotel idea died when the lawsuit dragged on, he said.
It is believed local developer Bernie Schrott is behind the new landsale. Schrott was the fairgrounds spokesman for Nederlander, and his name ison the Detroit Schools purchase agreement. Schrott could not be reached forcomment.
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