Land Deal In Detroit Falters

A $50 million land deal in Detroit is scrapped when the buyer argues that wetlands and contamination reduce future development value.

1 minute read

February 28, 2002, 5:00 AM PST

By Chris Steins @planetizen

"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

Read the full story: $50-million land deal falters

Wednesday, February 27, 2002 in The Detroit Free Press

Land Use Illinois

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban and Environmental Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban and Environmental Planner

Get top-rated, practical training for planners

Start Learning

Advertise with us

FREE Course: Walkable City 1: Why Walkability?

After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.