X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-In about 10 days, the owners of four parcels of land near the Detroit RiverPlan to close a deal to sell the property to the city, which is trying to acquire 57 acres of river frontage for three proposed casinos.

Milwaukee Investment Co. is selling three acres for an undisclosed price,says Dave Berry, attorney for the company. He did say, however, that the price will be more than the $5.5million that the city offered when it tried to condemn the property. The condemnation lawsuit was dismissed on appeal.”I can’t talk about price yet, as per our purchase agreement negotiations,but it will be public after the sale,” Berry notes.

Milwaukee owns four parcels of land, about 120,000-sf, closer to JeffersonStreet than the river.Greektown Casino, MotorCity Casino and MGM Grand Casino have all opened orare opening temporary casinos in Downtown Detroit, and plan to spend morethan $2 billion to build three permanent casinos, with restaurants andhotels, on the riverfront site. The companies gave the city $250 million tobuy the land.

There are some doubts in the Michigan real estate industry over whether thethree permanent casinos will ever actually be built, at least on the riverfront site. Thecity is having difficulty acquiring the needed land.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.