Post Number: 898
|Posted on Thursday, April 12, 2007 - 10:57 am: || |
Article is from last month, but I just came across it and didn't see it posted anywhere
Hyatt headlines 23-story project
Thursday, March 1, 2007
Developers are planning a 23-story mixed-use project - headlined by a 174-room Hyatt hotel - near the I-75/Crooks Road interchange in Troy.
Southfield developer Frank Asmer of Bloomfield Development will complete the planned unit development application for the $120 million project within a month and submit plans to Troy city officials.
The project - rising some 300 feet - likely will consist of the Hyatt hotel, 112 residential condominiums, an upscale restaurant, high-end retail, office space, a bank and a four-story parking structure.
Asmer said the lease agreement with the bank is 70 percent completed.
The architect for the project is Royal Oak based Moiseev-Gordon Associates.
The location, at the northeast corner of Corporate Drive and New King Street, is zoned for mid-rise office.
Asmer presented the concept to the Planning Commission late last year, and commissioners generally accepted it, said Troy Planning Director Mark Miller.
If the PUD application and site plans are approved, it should take about three years to construct the project, Asmer said.
Asmer's company develops mainly residential and hotel properties in Michigan and Florida. Locally, he has developed the Crowne Plaza in Novi and the Best Western on Lapeer Road in Lake Orion.
Asmer is optimistic that the demand for high-end, high-rise hotels will increase by the time the project is complete.
"I think by the end of this year, the market should rebound," Asmer said. "The Troy market is good, and there is a demand for this type of product."
Asmer's project is not far from the Monarch, a Troy high-rise condominium project that was to provide a key residential piece to the Big Beaver corridor's future growth. That 18-story project - 165 residential units and more than 11,000 square feet of commercial space - is being reworked and its Troy sales office closed.
At the same time, Troy is expecting to see plans soon for the nearby former Kmart headquarters property, where a multiple-use planned unit development is proposed.
Plans for the 40-acre site will include residential condominiums, a hotel and upscale retail, according to Hunter Richardson, president of Reston, Va.-based Richardson Development Group, which was hired by the property owner New Jersey-based Blackrock Realty.
(Message edited by thejesus on April 12, 2007)
Post Number: 1435
|Posted on Thursday, April 12, 2007 - 11:08 am: || |
The fact that projects are still being proposed and in the case of the Monarch, reworked can be seen that some people still see a future in our region. Although I still love the fact that the Griswold sold half of its condos in a day and the Monarch could not as a great thing for the future of downtown.
Post Number: 614
|Posted on Thursday, April 12, 2007 - 11:12 am: || |
That developer sounds a little behind the times.
I'm curious of how many local developers are developing downtown and how many out of state developers are developing in the suburbs.