X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WATERFORD TOWNSHIP, MI-Two public properties in Waterford Township are being transferred back to the tax rolls thanks to new developments. A new strip center and senior living complex has been built over the former Waterford High School site, and the township is looking for a buyer for the old Town Hall property.

The school district sold the 30-acre old high school site, torn down a few years ago, to developers. Just recently, Lockwood Construction held a grand opening of a multi-story, 126-unit multifamily rental complex on the site at M-59 and Crescent Lake Road. Three main buildings feature 130,000 sf.

The property already has a 60,000-sf Kroger grocery store and about 50,000 sf of other retail space, built about three years ago by Regency Realty of St. Louis, says Township Supervisor Carl Solden. The property is called the Waterford Towne Centre.

“They’re also building a Panera Bread and a Flagstar Bank on the property,” Solden tells GlobeSt.com. “It’s all done through the school district, they were very selective about who could come into the property.”

The township has also agreed to sell public land to a developer, Velmeir Co., which plans to build a CVS Drugstore and upscale restaurant pads, Solden reports. The 3 acres hold the former township hall, and a multi-purpose building that had housed the police station and recreational uses.

“We’re about to complete a deal to sell the property for $2.1 million,” Solden says. “We can finally put some property back on the tax rolls.”

Waterford, a large quasi-city in the center of affluent Oakland County, has been seeing new development over the last two-three years. The township saw more than 500 new home permits pulled last year. The township has about 80,000 residents, making it one of the top five townships in Michigan.

Also, there’s a $50-million price tag to rehabilitate Summit Place Mall in the township at Elizabeth Lake and Telegraph roads, says its new owner.

Nanco of Los Angeles, CA recently bought the 1.4-million-sf mall from Northwestern Mutual Insurance Co. of Milwaukee.

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.