[DetroitMan]

$1 land sale advances Saginaw's $35 million Medical Diamond project

The Saginaw City Council approved the sale of about an acre of vacant city-owned property along the riverside for $1 during a meeting. This decision supports a proposed $35 million mixed-use Medical Diamond project. Pete Shaheen of Shaheen Development said his company plans to develop health care, residential, restaurants and retail properties at the site.

"This project that we are describing tonight is the culmination of a 25-year vision in the making," said Shaheen.

He added that the project will bring millions in investment and hundreds of jobs to transform downtown Saginaw. Saginaw City Manager Tim Morales said the city-owned site would house a $15 million behavioral health clinic. The purchase agreement requires Shaheen Development to develop the property within four years.

https://www.abc12.com/news/business/...b7553eb06.html