Magic Plus LLC Gets 16 Acres of Prime Woodward Frontage for 471K
State Land Bank sells small piece to commercial developer for 29k per acre.
Officials with the State of Michigan plan to sell 16-acres along Woodward near 8 mile for $471,000. The parcel is part of the former Michigan State Fairgrounds. The Michigan Land Bank Fast Track Authority announced today it is selling a 16-acre tract that runs along Woodward between 7 and 8 Mile roads to developer Magic Plus L-L-C for 471-thousand dollars. Land Bank Spokesman, Rodney Parkkonen, also says a deal with the City of Detroit will transfer 142-acres of former fairgrounds property to the city for 7 million dollars. Karen Hammer is a member of the Fairgrounds Development Coalition. She says having the City own most of the property is a good change of plans.
“We’re glad that the property is going to the City because the City has a better sense of the area and the type of land development that’s possible. And the developers were really not up to the task of developing the fairgrounds” -Karen Hammer, Fairgrounds Development Coalition
Developer Magic Plus L-L-C has spent the last five years attempting to finalize a plan for the development of the former fairgrounds. The new deal gives the group the smaller 16-acre parcel for $471,000.
