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TRAVERSE CITY, MI-An Oakland County developer is building a $40-million multifamily development up in the Sleeping Bear Bay area of Traverse City The project, called Le Bear Resort, is now under consideration by the Glen Arbor Township.

Moceri Cos. of Auburn Hills, MI is the developer. Dominic Moceri, a partner in the firm, says the property will be a luxury residential condominium that will operate on a fractional-ownership basis.

The 14-unit property, about 38,000 sf, will be built on a restaurant site along Lake Michigan. Properties along the lake typically are in high demand and sell for millions.

The connected units will be worth about $2.5 million each, Moceri says. Eachresident can buy at least six weeks for the use of the unit.

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