New York developers have eye to buy Belle Isle

Sale is question mark, but real estate market is hot

DETROIT – Detroit's Belle Isle is not for sale, but New York developers are considering a plan to make a major investment in the island park if they could buy it.

Hot on the heels of reports that the art collection at the Detroit Institute of Arts might be targeted for sale if the financially-strapped city is forced into bankruptcy, sources are reporting that developers are working to put together a plan for condos and hotels on Belle Isle, if the city would sell it.

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Real estate expert Jeff Hillman said a sale might be possible, because prices remain low while interest in Detroit as an investment is high.

"There's an unprecedented amount of development going on, new development," Hillman said.

Sources indicate the New York developers considering Belle Isle have already made investments in real estate in downtown Detroit.


About the Author:

Hank Winchester is Local 4’s Consumer Investigative Reporter and the head of WDIV’s “Help Me Hank” Consumer Unit. Hank works to solve consumer complaints, reveal important recalls and track down thieves who have ripped off people in our community.