Posted Oct 9, 2010, 3:58 AM
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Midwest Moderator - Editor
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Join Date: Jan 2002
Location: Big Mitten
Posts: 31,745
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Mysterious movements continue around Cass Park...
Quote:
Midtown land deals multiply
Louis Aguilar / The Detroit News
October 07, 2010
Detroit — Four more properties have been sold in a blighted area of lower Midtown where 18 parcels already have been bought or optioned in the past two years, furthering speculation that land is being gathered for a major development like a new arena or light-rail line.
Longtime city developer Dennis Kefallinos confirmed Wednesday he has sold four parcels to an unknown buyer, including two large empty buildings on the corner of Temple Street and Cass Avenue.
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Sports consultants have said it might be easier for Ilitch to get financing to build a new arena if it housed both the Red Wings and another team like the Pistons because it would generate two separate streams of revenue.
Plans for light-rail transit along Woodward from Hart Plaza to Eight Mile also could be fueling the land speculation.
Kefallinos said he worked through a broker who wouldn’t reveal the client’s identity.
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