The Auburn Hills, Mich., city council approved a plan in early September for The Moceri Companies to develop 21.51 acres of land in the city. Once completed, the entire development is projected by The Moceri Companies to have a market value of $75 million.
The Planned Unit Development project, The Parkways, will consist of 76 townhouse units, 72 stacked flat units and a three-story 160-unit congregate senior care complex along a new public boulevard. In addition to the residential living, more than two acres of open park space will also be created.
“We are pleased that The Moceri Companies will be making such a large investment in Auburn Hills,” said Pete Auger, city manager of Auburn Hills, in a written statement. “This public-private partnership will be a crucial building block in the resurgence and expansion of downtown Auburn Hills.”
The land was initially purchased more than a decade ago by the Biltmore Corporation for the development of the Forester Square Condominiums. Forester Square originally had great market success, but, much like many of the residential developments in Michigan, it fell on hard times during the recession and only 205 of Forester Square’s proposed 832 units were built.
After three years of unpaid taxes, the vacant parcels within the development went into foreclosure. In late 2010, Auburn Hills was notified by the Oakland County treasurer that the city would become the owner of these properties as long as it did not object to receiving them. Upon receiving the deeds for the property and paying the back taxes, the city immediately began marketing the land for development. In June of 2012, The Moceri Companies entered into a purchase agreement with Auburn Hills to buy a large portion of the land.
© 2015 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or email@example.com