Maltese bought the land from the City for $1.5 millionthrough abid process, says Christina DeBrouse, marketing director. ShetoldGlobeSt.com that the company will incur an estimated $90 millionindevelopment costs, and will pay Dearborn a 6% return on netretailleases over a 10- to 15-year period."Our deal was the mostattractive to the City, because we are using theexisting stonebuilding, and the city doesn¡Çt have do any more forthe site," shesays.

The site redevelopment plan includes high-end retail, specialtystores,restaurants, a town square, additional landscaping and 60 to90 townhouse unitsto the south. Maltese is also considering plansfor a hotel, withoffice/residential space on the top floors,DeBrouse says.Preliminary plans for the 220,000-sfJacobson'sredevelopment include a 45,000-sf gourmet market, 20,000sf inrestaurants, 25,000 sf for an anchor store, 40,000 sf for aretailanchor and 90,000 sf in smaller specialty retail.DeBrousesays Maltese has already received several lease offersfromhigh-fashion retailers, though she said she couldn¡Çt revealcompany names."By the end of 180 days, we expect to be ready tostart final design andworking drawings with which we can take bids,award contracts and beginconstruction. The entire project shouldtake about 21 months to complete,"she says.