Summary:

Topinka's Plaza is located on Telegraph Road and Seven Mile Road in Northwest Detroit. The intersection has a 100,000 daily car count. Topinka's Plaza is the only "ground-up" development BOSC has done. The property had been occupied for over 50 years by a famous restaurant called Topinka's Country House. The restaurant had burned and the building had stood vacant for a couple years. The owner of the property was in the process of filing for bankruptcy.

Challenge:

The property owner was about to lose control of the property due to his financial difficulties. This would have placed the asset in the hands of a trustee and complicated any transaction.

Solution:

The property owner was convinced to assign all of his rights in the property to BOSC in return for a nominal fee. BOSC then paid all back taxes and took control of the asset. A site plan was developed and 3 anchor tenants were secured before construction began. CVS Drug Store, Blockbuster Video and Uni-Cleaners all signed pre-development leases. Financing was then secured and the construction completed.

Results:

By the end of construction the center was 100% leased and the rents were the highest in Detroit city limits at that time.