New York developers have eye to buy Belle Isle

Sale is question mark, but real estate market is hot

Author: Hank Winchester, Local 4 Reporter, @HankLocal4
Published On: May 27 2013 11:10:46 PM EDT
Belle Isle Park sign
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.

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.