D.J. Maltese Construction Services in Dearborn has beenawarded a contract by the city to redevelop the former Jacobson’s mall.The current store runs along an entire city block on Michigan Ave. Theconstruction company was given 180 days by the city to come up with adevelopment plan.

Maltese bought the land from the City for $1.5 millionthrough a bid process, says Christina DeBrouse, marketing director. Shetold GlobeSt.com that the company will incur an estimated $90 million indevelopment costs, and will pay Dearborn a 6% return on net retailleases over a 10- to 15-year period.”Our deal was the most attractive to the City, because we are using theexisting stone building, and the city doesn¡Çt have do any more forthe site,” she says.

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.