|Franklin Property Corporation, in joint venture partnership with Whitehall Real Estate Investments, broke ground on a $140,000,000 luxury home development called The Reserve at Crystal Lake. Located in Commerce Township, Michigan, the development is the reclamation of a 160 acre former gravel pit and features a pristine 42 acre lake. The Reserve at Crystal Lake will feature 203 homes in four neighborhood communities contained withing the development. Home prices are anticipated to be in the $600,000 to $1,500,000 price range including 49 lake front lots featuring private sandy beaches and boat docks. The property is being developed as part of an Oakland County Brownfield Authority approved project in conjunction with the State Land Bank Authority and includes the reclamation of the gravel pit site, the extension of more than 1.5 miles of public sewer and water, and earthmoving in excess of 1,000,000 cubic yards of material. The earthmoving process represents one of the largest private earthmoving jobs in the State of Michigan this construction season. Phase 1 homesites have been committed to two preeminent Michigan based home building companies with an anticipated home building start date of December 2022.|
Franklin Northern Land Company Sells Parcel For Wetland Mitigation Bank
|Franklin Northern Land Company, a wholly owned affiliate of Franklin Property Corporation, sold an 80 acre parcel in Alanson, Michigan to Crandall Environmental LLC. Originally slated for a housing development, the property will be developed into a wetland mitigation bank to serve as wetland credits for other development and municipal infrastructure projects in Northern Michigan.|
Franklin Northern Land Company Completes Land Transfer to Conservancy Group
Franklin Northern Land Company, a wholly owned affiliate of Franklin Property Corporation transferred title to LTC Endowments for a 77 acre parcel in Springvale Township, MI. The property, originally slated for a residential subdivision development, will be held in trust by a conservancy group for the perpetual conservation of the property in its natural state.
Franklin Property Corporation Acquires Luxury Townhouse Apartment Community
|Franklin Property Corporation, in partnership with Kirkshire Investments, acquired Plumbrook Townhome Apartments in Sterling Heights, Michigan. Plumbrook is a luxury townhome community featuring 2 bedroom units, full basements and private garages. Acquired through an off market transaction, the property was financed with a CMBS loan originated from Citigroup Global Markets. Franklin Property Corporation will be enhancing the value by an extensive interior and exterior renovation of the property during the projected ten year holding period.|
New Development in Novi
Franklin Construction Company, LLC, an affiliate of Franklin Property Corporation, was awarded the entitlement contract for Dunhill Park, a 31-unit high-end Hunter Pasteur Homes development located in the City of Novi at the northwest corner of 8 Mile Road and Beck Road. Dunhill Park has received rezoning approval and is now going through the site plan approval stages. Franklin Construction Company, LLC, was also awarded the construction contract in March 2016 and the development is expected to be completed in 2016.
Franklin Consulting Company Handles Sale of 300-Acre Conference Facility in Western Michigan
Franklin Consulting Company in conjunction with Hotel Investment Services brokered the sale of Yarrow Golf and Conference Resort, a 300-acre championship golf course and conference facility located in Augusta, Michigan. FCC and HIS were retained by the owner, a private investment group, to market the property on a national basis. The property was sold to a private foundation located in Nashville, Tennessee.