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Sterling Group Pockets $36 Million for Joe Louis Parking Deck in Detroit
/in Detroit /by Tracy WillisSterling Group’s quick sale of the Joe Louis Arena parking garage netted eight figures for the Detroit real estate company. Sterling Group purchased the property from the City of Detroit in a deal that became public in October 2019. The real estate company paid $2 million in cash to the city and reimbursed the city $12.1 million for the demolition within the area. Detroit also saved $3 million on parking deck improvements, $4 million on remediation of the arena site, and about $7 million in tax-increment financing dollars.
Former Site of Detroit Country Day School Purchased
/in SE Michigan /by Tracy WillisThe historic former Detroit Country Day School building has sold. The 38,500-square-foot building has sold to JCJ Development LLC which is registered to Jordan Jonna. JCJ Development will convert the original school building into a residence. In 2017, Detroit Country Day announced a $30 million campus expansion and vacated the building. The building received a $2.9 million purchase offer from the Troy-based Kensington Church in 2019. The church withdrew its offer after community protest.
Vacant Farmington Hills Property Flip Flops…Again
/in SE Michigan /by Tracy WillisThe property at 30250 Grand River Avenue in Farmington Hills will flip flop, once again. Formerly an auto dealership, the property most recently housed a school, Steppingstone School for gifted children. The school moved on in 2018, leaving the building empty. A Farmington Hills developer will revive the property and bring it back to its auto dealership days. However, the lot will be used for online sales instead of in-person sales. The city needs to approve the site plan since the use is once again changing.