A $50 million land deal in Detroit is scrapped when the buyer argues that wetlands and contamination reduce future development value.
"Detroit's planned $50-million sale of the former Detroit House of Corrections property in Plymouth and Northville townships appears to be dead, officials on both sides of the deal said Tuesday. The 869-acre deal was struck last fall with one of the state's largest developers, Kojaian Management Corp. of Bloomfield Hills, and New York investment banking firm Lehman Brothers. Each owns a 50-percent stake of K/LB Funding LLC, a partnership formed in October."
Thanks to Governing.com Editor
FULL STORY: $50-million land deal falters
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