The abandoned Pinnacle Racecourse sits vacant in this 2014 photo by Scott Bolthouse–The Huron Hub.
Published Tuesday, July 23, 2019
Editor’s note: The chances of development at the vacant Pinnacle property at the north end of the township could be moving forward sooner than later.
Below is a press release from the Huron Township Local Development Finance Authority regarding the group’s unanimous vote to support Wayne County’s Request For Qualification process to sell and develop the Pinnacle property.
According to the press release, the buyers for the property consist of The Sterling Group, a Detroit based equity firm, and Hillwood, a Texas based developer who is part of the Perot Company. Hillwood is a large-scale global development firm with industrial and residential experience. The Sterling Group, according to their website, partners with management teams to grow and build winning businesses in the industrial sector.
Related: Hillwood Investment Properties visits Board of Trustees for informational meeting on Pinnacle site proposal
To view The Huron Hub’s complete coverage of the Pinnacle property, including the defunct race track through the recently announced proposed development, please visit this archive on HuronHub.com.
RFQ Process Holds Hope for Pinnacle Property in Huron Township, MI
Source: Huron Township LDFA
Huron Township, MI, July 23, 2019 – The Pinnacle area property in Huron Township has sat vacant for the past nine years due to the closure of the racecourse and unpaid taxes. In a similar situation in Trenton with the old McLouth Steel property, Wayne County has stepped up again to try and secure a development plan.
Like the Trenton process, once taxes go unpaid, the property can either go to auction or proceed with a right of refusal first going to the State, then the Township and then Wayne County for purchase.
Being proactive, Wayne County sent out request for quotes (RFQ) to nine hundred and ninety-six developers and received only two bids. After the second bid was discarded because of financial requirements the remaining bid is being taken seriously.
The Huron Township Local Development Finance Authority holds 320 acres in the Pinnacle area or LDFA2 within its jurisdiction.
Wafa Dinaro, Wayne County Deputy Director of Capital Development indicated that the offer included $4.8 million purchase price which included the 320 acres held by the LDFA2/Pinnacle AeroPark and 330 acres held by Wayne County. $4.8 million is owed in back taxes.
“They have a September deadline to avoid auction.” Said Dinar. “The buyers have a plan right now for a mixed use development including commercial, office, hotel, restaurant and retail.” The percentage of Industrial to Commercial business in this mix use is still in the works.
Wayne County Economic Development, Executive Director Khalil Rahal said. “We will do everything possible to prevent an auction. With these projects it is important to know who you are dealing with and building relationships to hold development accountable for what the public wants.”
Other benefits of working with a developer include timelines, strict workforce development requirements and use of local contractors. With the Huron Township LDFA ability to help the new developer with infrastructure, it’s a win-win situation when the development brings jobs and tax dollars to a vacant property.
The buyers for this property consist of The Sterling Group, a Detroit based equity firm and Hillwood, a Texas based developer who is part of the Perot Company. Hillwood is a large-scale global development firm with major industrial and residential experience. Their portfolio is extensive and upscale, see their website https://www.hillwood.com/. The Hillwood group has also taken it upon themselves to hold a public meeting and asking the residents what would they like to see built on the property. They used those comments to adjust their original proposal for the site.
The LDFA trustees voted on July 17 to support the Wayne County RFQ process moving forward and the motion passed unanimously.
“Not only do we believe we have the properties, we have the service and support businesses needed to relocate in our beautiful township.” Said R.P. Lilly, LDFA Chairman. “Companies are amazed how easy our group are to work with.” The LDFA 1 and LDFA 2 parcels are convenient to Detroit Metro Airport, major expressways and railways.
For more information visit the web site www.hurontwpldfa.com , www.twitter.com/hurontwpldfa and video can be found at www.youtube.com/hurontwpldfa
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