In addition to vacant land, the triangular site includes older homes, offices and commercial buildings. City officials have rejected several proposals until approving the Malan-Grand/Sakwa plan. City officials approved a planned unit development agreement earlier this week.
"This is one of the premier sites for commercial and retail development in Oakland County, and all of us are looking forward to beginning construction," says Malan Realty Investors President Michael K. Kaline. "The City of Farmington Hills has been very helpful throughout the PUD approval process and should be commended for its vision regarding this property."
Grand/Sakwa Properties, Inc., a real-estate development company headquartered in Farmington Hills, is working to acquire 50 acres on the western side of the property for the additional phases. Plans call for buildings in those phases to contain street-level retail space and a mix of office and residential units on above-ground floors.
Malan will manage the first phase of the developed after it is completed next spring. The REIT owns, acquires, redevelops and manages properties that are leased primarily to national and regional retail companies. The company owns 64 properties in nine states with approximately 5.9 million sf of gross leasable area.
"This investment in an important redevelopment opportunity constitutes an important part of our new strategic plan announced last week," says Malan CEO Jeff Lewis. "In the future, Malan will manage its portfolio more aggressively in order to enhance shareholder value."
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