Bloomfield Park
Summary
Acquisition – August 2006
Location – Bloomfield Hills, MI
Value-Add Opportunity – Joint Venture Development
Size – 700,000 sq. ft.
Total Project Cost – $245.8 million
Opportunity
- Significant lifestyle/mixed-use center on 88 acres
- Attractive risk adjusted returns
- Highly visible site with frontage on Telegraph Road, Bloomfield Hills’ primary north-south thoroughfare
- Significant infrastructure commitment by the city ($68 million TIF)
- Strong demographics (5-mile population of 166,298 and avg. household income of $137,209)
- Local development partner with strong community ties combined with DDR’s development capabilities
Value Added
- Significant opportunity for future development on approximately 50 acres of owned excess land (development of this land not built into pro forma)
- Introducing lifestyle/mixed-use product unique to the market
- Leasing momentum (over 50% committed at time of Coventry investment)
- Attractive partnership structure