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A daring $51-million plan to redevelop the massive and empty Lee Plaza tower on Detroit's west side into upscale housing has encountered more delays and new financing troubles and may be in jeopardy.
The would-be developer, Detroit native Lee Sasser, says several local investors have exited the project and he is trying to find replacements. These investors were to help with upfront costs, including the $258,000 purchase price for the dilapidated Lee Plaza and two adjoining land parcels. The historic plaza is a 17-story high-rise at 2240 W. Grand Blvd., about a mile west of New Center, and is owned by the Detroit Housing Commission.
Sasser's company, Moneta Energy, has had a tentative deal with the housing commission since last fall to buy the properties. But the sale's closing date, originally anticipated for December, was pushed back several times amid delays in obtaining various local, state and federal approvals for the redevelopment. More recently, the housing commission gave Sasser and his attorneys until mid-July to further review the closing documents.