What a new parking lot near Jefferson Chevrolet has to do with a Detroit bankruptcy creditor, a deadline – and Dan Gilbert
The subsidiary creditor said in its lawsuit that development activity around the property had decreased and its planned development — which included the larger 6.79 acres — was complex, which the city’s agreement says was complex. deserved the extension.
The November 2019 motion said Pike Pointe was considering a development with a 3,500-car automated parking system, 300 apartments, 100 furnished condominiums, a 256-room hotel, 60,000 to 100,000 square feet of office space and 60,000 square feet of of commercial space.
Less than two weeks after the lawsuit was filed, however, Syncora dropped its lawsuit.
Pike Pointe instead took title to the property from Jefferson shortly after the bankruptcy court denied a motion for an expedited hearing on the matter. This triggered the 15-month window in which to begin construction on the Jefferson property.
And it turns out the type of construction isn’t specified so, as a city official told me, they could have literally put in a guard shack and a chain-link fence and that would have satisfied the terms of the l ‘OK.
In October 2020, Syncora submitted an application to turn the property into a parking lot, an application and plan which was approved on March 23, 2021, according to the city’s online records.
And There you go. The city was unable to recover the property and Syncora was free to sell it to Gilbert last month.
I emailed a Syncora rep on Sunday asking for comment.