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Project in Michigan Suspended

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This is becoming a common story. Construction was suspended on a $350 million project in Bloomfield Park, Michigan.

"We remain committed to the project," sad Scott R. Schroeder, Developers Diversified spokesman. He said the developer had put up its 20% stake.

"The construction is significantly under way. We are anxious to get back to work and complete the project as soon as possible," he said.

Bloomfield Park is a mixed-use retail development that began as an idea in 1992 when Craig Schubiner, president of the Harbor Cos., started assembling 88 acres near Telegraph and Square Lake roads.

Developers Diversified and Coventry joined forces in a development agreement in 2006. The project was expected to open in late 2009.

The project was more than 50% leased when Coventry signed on in August 2006, according to information on its Web site. Confirmed tenants include Ann Taylor, Barnes & Noble, BCBG, Coldwater Creek and Pacific Sunwear.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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