Pontiac, MI – the alternative to investing in Detroit?

Have you ever wondered what the site of the Pontiac Silverdome would look like without an 80,311-seat stadium on it?

Wonder no more.

A conceptual plan a little birdie sent my way this morning shows no indication of the former home of the Detroit Lions remaining.

What it does show is a plan for a mixed-use development consisting of 1.64 million square feet of space broken down across multiple use categories.

While Gordon Bowdell, associate planner for the city of Pontiac, said no site plan has been submitted and no demolition permits have been pulled, this could be a glimpse of the future of the 127.5-acre site at Opdyke and Featherstone roads.

That future is expected to be on display to people attending Oakland County’s second annualOne Stop Ready Community Showcase on Oct. 30, where 18 communities designated as “One Stop Ready” will show off a parcel, building, city lot or development-ready property in their borders.

What was sent to me this morning is ambitious. The cost of demolishing the Silverdome alone would be enormous, not to mention the cost of new construction.

Regardless, here is what is shown:

  • A 500,000-square-foot corporate headquarters or light industrial building.
  • Four single-story light industrial buildings totaling 750,000 square feet.
  • Retail and entertainment space totaling 192,000 square feet.
  • A 104,000-square-foot hotel.
  • Nearly 46,000 square feet of residential space.
  • And another 50,000 square feet of multitenant commercial space that would include restaurants.

Toronto-based Triple Properties Inc. purchased the Silverdome at auction from the city of Pontiac in 2009 for $583,000, just 1.05 percent of the total 1975 construction cost of $55.7 million.

Steve Apostolopoulos, co-founder and managing partner of Triple Properties, declined to comment.

The Lions moved to Ford Field in downtown Detroit it 2002. In recent years, the Silverdome has fallen into disrepair, with its inflated ceiling collapsing and its field and seats strewn with debris.

The Southfield office of CBRE Inc. has been marketing the property for sale for $25 million. According to the listing, about 15 acres in the northeast corner of the site at North Opdyke and Featherstone roads is leased by Fiat Chrysler Automobiles while about 10 acres in the southeast portion is leased to an indoor/outdoor soccer league.

Read More Here

 

By: Kirk Pinho

Advertisements