Michigan Real Estate News

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Former Real Estate Executive Charged with Wire Fraud

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Viktor Gjonaj, former head of the Troy-based Imperium Group, LLC, has been charged with bilking at least two dozen investors of $26.4 million to fuel his Michigan lottery habit. Gjonaj promised investors that he would buy, develop, and resell real estate for a profit, but did not promise a specific rate of return. Of the 66 real estate deals presented, none came to fruition. Instead, he used the funds to support his $1 million a week Daily 3 and Daily 4 gambling habit. The state’s $5,000 daily limit on lottery terminals, installed in 2018 in response to Gjonaj’s lottery activities, did not slow his habit. Gjonaj’s current location is unknown.

Allen Park’s “The Hill” Welcomes New Aldi Store

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Allen Park’s Fairlane Green Shopping Center, otherwise known as “The Hill”, is slated for an Aldi store. The exact date of the renovations or start of the project is unknown at this time. The new Aldi store will take the place of the Staples Office Supply store. In addition, Crafty Crab restaurant, Aspen Dental, and Dunkin’ will join the shopping center. Grocery is one of the more resilient retail categories.

Industrial Development Plan in Western Oakland County Heads to City Council for Review

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The former Ford Assembly Plant on Wixom Road is the site of a a new redevelopment plan proposed by Flint Development, a Kansas City, Missouri-based company. The plan proposes to construct over 1.5 million square feet of warehouse and industrial space north of the current retail development on the site and promises to create 750 jobs in the first phase. Overall, it’s a $120 million investment.