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RE: LeoThread 2024-11-20 12:56

in LeoFinanceyesterday

Part 6/8:

Annexation and Scaling Down

Unwilling to wait around for the city of Bloomfield's decision, which could take up to 24 months, Schubiner and his team found a solution. The property was technically in Bloomfield, but it was also on the border of the city of Pontiac. Pontiac, a once-great city known for auto manufacturing, had fallen on hard times and was eager for the tax income a $2 billion development could generate.

In 2001, Pontiac voted to annex the land, and the city of Bloomfield struck a deal to take in some tax income while enforcing an eight-story height restriction. This forced the developers to scale down and rework their project, bringing in a new architecture firm to adapt the development.

Construction Begins, but the Recession Hits