Packard isn't alone - Grand/Sakwa calls off deal to acquire failed Bloomfield Park

The other major ruin site, this one contemporary but with striking resemblance to the Packard Plant with gaunt missing windows, has had its would-be savior peel off.

http://detroityes.com/webisodes/2010...k/01-64763.jpg

Crain's is reporting that the massive mistake on Telegraph known as Bloomfield Park has been jilted by Grand/Sakwa. More pictures and past discussion here.

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The cancellation of the Grand/Sakwa deal to acquire foreclosure rights to the property was confirmed Tuesday by Alan Greene, partner at Dykema Gossett PLLC, who represents San Francisco-based Wells Fargo Bank NA in the Bloomfield Park matter and Grand/Sakwa in other litigation, and Elise Wilkinson, Wells Fargo senior vice president and communications manager.

"Their due diligence is over now, and they're not going forward," Greene said.

"It doesn't have anything to do with the property itself or the prospects for it. Everything was good in that regard. We've just got other alternatives, and we're going forward with those alternatives at this point."

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Other alternatives? The Packard Plant? ha ha

Maybe we could build a People Mover extension connecting the Packard Plant to Bloomfield Park, enhancing both sites. Hults would be in charge of the People Mover construction.

Do we all agree that Bloomfield Park was the most ill-conceived development around here?

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Originally Posted by MikeyinBrooklyn

Maybe we could build a People Mover extension connecting the Packard Plant to Bloomfield Park, enhancing both sites. Hults would be in charge of the People Mover construction.

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No, not Hults, AECOM Services of Michigan.

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Originally Posted by rb336

Do we all agree that Bloomfield Park was the most ill-conceived development around here?

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It reminds me of Hults, actually, because the developers had a grand vision, but not the cash to pull it off. BP might have been different if it had been developed in the 90's. I think they would have finished it without running out of financing; it might have had trouble filling up, but I think they would have had access to the money to finish it.

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Originally Posted by rb336

Do we all agree that Bloomfield Park was the most ill-conceived development around here?

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I would certainly endorse that view.

An enormous complex of multi-million condos and super-luxury shops on a highway in depressed Pontiac of all places. Where do I sign up? Maybe we can have those crazy Dubai developers build 100 floor towers at Van Dyke & I-94.

It's like a train wreck. When you're driving north on Telegraph you have to turn your head to right to look at it as you go by.

Who knows, it may have been sort of a boondoggle but as others have said being half finished in the middle of the real estate crash sure didn't help. I could see at least part of it being finished at some point. I believe this site has this place labeled as a sort of "ruins of the suburbs" but so is Fountain Park in Novi and from what I have seen it has made at least a half decent comeback. You'd be surprised what a resurgent economy can do for failed commercial real estate projects sold at fire sale prices.

I don't mean to come off as an ass but I still say this may have a brighter future in the near term than the Packard plant. The only realistic use for that property I can take seriously would be for someone to assemble a shitload of federal and state tax abatement, brown field clean up, enterprise zone, etc. cash along with plenty of their own and bulldoze everything, clean it up and build either a light industrial park or warehousing. Or if you want to really think outside the box how about an Amazon fullfillment center or a server farm. Something that would actually provide jobs to the neighborhood population.:) Get to work Mr. Duggan and Mr. Snyder!:cool:

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Originally Posted by finster

I believe this site has this place labeled as a sort of "ruins of the suburbs" but so is Fountain Park in Novi and from what I have seen it has made at least a half decent comeback.

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True, but Novi and Pontiac couldn't be more different suburbs.

And Fountain Walk is a relatively modest retail center. It isn't hard to fill a strip mall with Chuck E Cheese or whatever. It is difficult to build out grandiose retail space and high density residential.

Bloomfield Park just symbolizes the real estate balloon. It's really not that tragic when you really think about it. While the economy of Metro Detroit will never again be what it was pre-real estate crash, that area will always have high traffic flow, and L Brooks won't let that area be a stain on his resume. It will get developed in some capacity or torn down with tax dollars within 5 years.

Packard Plant on the other hand will not be redeveloped in any of our lifetimes.

The Packard Plant is much more difficult to develop, obviously than BP. BP is just unfinished. It could be finished or torn down with relative ease [[although a lot of money, of course). And Oakland County has higher property values and much less large tracts of development-friendly than Detroit. Packard has the environmental issues, structural issues, and city taxes & regulation to contend with.

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Originally Posted by mark.vandorn

Bloomfield Park just symbolizes the real estate balloon. It's really not that tragic when you really think about it. While the economy of Metro Detroit will never again be what it was pre-real estate crash, that area will always have high traffic flow, and L Brooks won't let that area be a stain on his resume. It will get developed in some capacity or torn down with tax dollars within 5 years.

Packard Plant on the other hand will not be redeveloped in any of our lifetimes.

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Just like L Brooks won't let Royal Oak Township be a stain on his legacy, right? L Brooks doesn't care about Pontiac, or RO Township for that matter, he cares that the citizens that would actually vote for him stay happy and Oakland County stays up in the rankings of places to live. Bloomfield Park will never get any help from Brooskie.

I used to drive by the this often, as my grandma lived out that way and so did a handful of my friends. I really wish I could get in and explore it, I am sure the views from the tops of some of those towers are amazing.

I think Brooks has stated that he wants Bloomfield Park demolished. In any case, I don't think he was ever a supporter of the project. It was pretty much a crazy developer and some duped Pontiac politicans.

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Originally Posted by Bham1982

I think Brooks has stated that he wants Bloomfield Park demolished. In any case, I don't think he was ever a supporter of the project. It was pretty much a crazy developer and some duped Pontiac politicans.

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http://www.crainsdetroit.com/article...und-is-broken#

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Oakland County Executive L. Brooks Patterson congratulated Schubiner for his “amazing perseverance.”

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I'm having difficulty locating more, but if I remember right, L Brooks never spoke out against this until things started to go south with it. Up until that point, he touted it as some great deal that was going to improve quality of blah blah blah blah

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Originally Posted by mark.vandorn

Bloomfield Park is on the busiest thoroughfare in Metro Detroit, surrounded by retail, less than a mile away from some of Michigan's most expensive residential property, less than a mile from two hospitals. It will be fixed, soon.

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Bloomfield Park is in a poor location, IMO.

It isn't on the "busiest thoroughfare".

It isn't "surrounded by retail", though there's [[generally poor performing) retail, [[excepting Costco) to the South.

I don't know what you're referring to re. "less than a mile away from some of Michigan's most expensive residential property, less than a mile from two hosptals".

There is no significant concentration high end residential less than a mile from Bloomfield Park, and [[assuming you're referring to the two Pontiac hospitals) it isn't particularly close to either hospital.

Bloomfield Twp. north of Square Lake is Pontiac schools and has never been desirable. West Side of Pontiac is very undesirable. Sylvan Lake isn't particularly desirable.

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Originally Posted by mark.vandorn

All of the lake property west of 24 is some of highest concentration of higher-end real estate in Metro Detroit. .

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Do you have a source for this? Home prices in this area tend to be very low relative to other portions of Bloomfield Twp, owing to poor location and Pontiac schools.

I would assume the highest concentration of higher end real estate in Metro Detroit would be around Cranbrook [[so, roughly speaking, Long Lake south to Maple, west of Woodward and east of Telegraph, encompassing portions of Blfd. Hills, Twp, Village and Bham City).

Other concentrations of extreme wealth would be parts of Franklin, Bfld. Twp around Kirk in the Hills/Island Lake, lakefront Orchard Lake, GP Shores, and certain streets near downtown Bham.

But I agree it's a better location than Packard. That location is just horrible. At least with Bloomfield Park you can put up a Walmart or Self-Storage Center and call it a day.

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Originally Posted by mark.vandorn

Bloomfield Park is on the busiest thoroughfare in Metro Detroit, surrounded by retail, less than a mile away from some of Michigan's most expensive residential property, less than a mile from two hospitals. It will be fixed, soon.

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You must not drive past Summit Place Mall very often.... with it being just "less than a mile away from some of Michigan's most expensive residential property"... how's that going by the way?? :eek:

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Originally Posted by Gistok

You must not drive past Summit Place Mall very often.... with it being just "less than a mile away from some of Michigan's most expensive residential property"... how's that going by the way?? :eek:

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Yeah, go a mile north and Telegraph. The disparity of wealth in that area is kind of a shock, like how it is over in Grosse Pointe's, with there being a trailer park or maybe a $40k 2BR1BA ranch one mile away from a $1.3 million lake houses with a guest house. The area isn't all rich houses, the stuff between the rich houses isn't that nice.

Actually, the residential streets just south of Huron running west of Telegraph are pretty bad, rivaling some of the crappy neighborhoods in Detroit. Of course, if you call the police in that area somebody will arrive - and by arrive I don't mean next month.

We had friends who lived on Ward Road, way north of Square Lake and West of Telegraph, very nice area, beautiful large lots, all the housing was very well kept. They liked living there very much.

Hey, BP isn't the primest of the prime, but Bham's making it out to be way worse than it is. It's not true Bloomfield Hills real estate but it sure isn't true Pontiac either.

Less than 1/2 mile south of the abandoned development three homes recently sold for $800K - $1.2M [[Heronwood St, which is BH schools).

Another two in the Pontiac school district near Turtle Lake but not on the water recently sold for $1.1M and $1.4M, and a third house rented for $8K/month. Also in Pontiac schools, on Upper Long Lake, a few houses have recently sold for between $1.3M and $3.5M. These homes are between 1/2 mile and 1 mile away from the development.

I could see condos in the $250K - $400K range selling in that ill-fated development.

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Originally Posted by Det_ard

Hey, BP isn't the primest of the prime, but Bham's making it out to be way worse than it is. It's not true Bloomfield Hills real estate but it sure isn't true Pontiac either.

Less than 1/2 mile south of the abandoned development three homes recently sold for $800K - $1.2M [[Heronwood St, which is BH schools).

Another two in the Pontiac school district near Turtle Lake but not on the water recently sold for $1.1M and $1.4M, and a third house rented for $8K/month. Also in Pontiac schools, on Upper Long Lake, a few houses have recently sold for between $1.3M and $3.5M. These homes are between 1/2 mile and 1 mile away from the development.

I could see condos in the $250K - $400K range selling in that ill-fated development.

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I think you're right, put some medium priced housing there and it would be very successful.