A new entertainment district planned by Mike Ilitch in some seedy sections of Detroit is sparking a land grab, the Detroit News reports.
Louis Aguilar of the Detroit News writes that the historic park across from the Masonic Temple and three blocks near the MotorCity Casino Hotel are among 37 city properties expected to be handed over to for the new entertainment district north of downtown that will include a new arena for the Red Wings and housing, bars and restaurants.
Aguilar writes:
The 37 properties are adding fuel to the speculation where the non-arena development could land. Many properties are close to Temple.
But the new entertainment district covers 45 blocks — and a good chunk of it is empty or blighted, especially in the Cass Corridor neighborhood. That’s sparking a rush on property no one wanted for decades. Recently, garages, former flop houses and half falling-down buildings have netted seven-figure offers from mystery buyers, according to developers. Few of the prices are publicly recorded.
“The atmosphere right now is crazy; the limit hasn’t been set yet on price,” said Robert Slattery, president of Midtown Development Group.
