Thursday, May 8, 2008

Pontiac hopes to make Silverdome deal |

Pontiac hopes to make Silverdome deal |
Published: Thursday, May 08, 2008, 9:00 AM     Updated: Thursday, May 08, 2008, 9:06 AM
Margarita L. Barry Posted By Carol Marshall.

During the city's first request for proposals in 2006, the site drew bid offers from Schostak Bros. and from Etkin Equities. The value of the offers were said to be some $20-30 million. But both developers walked away while city leaders squabbled over the details of the developments.

While they delayed the process, the state economy took a dramatic downturn, and the project was no longer viable.

Last year, the city decided to take another run at selling the property and hired CB Richard Ellis to solicit proposals. The brokerage sent out information to some 11,000 possible buyers, and ultimately late last year received seven bids.

Pontiac has been negotiating only with Parker since late February.

There was some discussion about that site being more marketable if it was clean, but so far the city has not been enthusiastic about pursuing possible federal funding for the demolition.

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