Economic stars fall out of alignment for multiuse developments

[begingri]

This article is from last March [[2010), but I still found it to be interesting. It talks about some failed projects around our area.

Properties:
PAVILIONS OF TROY
• What was planned: $320 million redevelopment of the former Kmart headquarters, with 440,000 square feet of commercial and retail space, 132 residential units, a public ice rink, a 3,000-seat theater, restaurants and a grocery store.
• Now: The Kmart building [[shown) remains on the site.
• Status: The property was sold to Forbes Frankel Troy Ventures L.L.C., owner of Somerset Collection in Troy. No plans have been announced.


HIGHWOOD
• What was planned: $800 million residential, retail and office project on the site of a former state psychiatric facility [[shown).
• Now: Of the 414 acres purchased, 200 acres have been sold to Northville Township government for public recreation.
• Status: Eighty developable acres are still owned by the joint venture of Real Estate Interests Group Inc. and Schostak Bros. & Co., which bought the site. The land is being marketed to tenants, but nothing is imminent.


BLOOMFIELD PARK
• What was planned: $350 million mixed-use development of residential, retail and entertainment.
• Now: After stalling in the planning stages, funding was pulled from the project. Owner Coventry Real Estate Fund L.L.C. is now in default with lender Wells Fargo.
• Status: Several structures built but most uncompleted. No construction is happening.

Projects such as Bloomfield Park and Pavilions of Troy sought to create density in suburban areas.

http://www.crainsdetroit.com/article...-developments#

[[Google the headline to view the entire article)