Wayne County officials agree to sell Pinnacle Race Course property for $4.9 million
Pinnacle Aeropark sold to Hillwood Enterprise, pending inspection
DETROIT – Wayne County officials have agreed to sell the 350-acre property that includes the Pinnacle Race Course for nearly $4.9 million.
The Wayne County Commission approved the sale of the Pinnacle Aeropark property to Hillwood Enterprise. The purchaser has until Dec. 1 to complete inspections before closing the deal, officials said.
"Pinnacle has been a difficult chapter for Wayne County and Huron Township, and there is a lot of work yet to do, but I'm excited about the prospect of selling Pinnacle to people who are going to finally put it into productive use in a way that makes sense for this location," Wayne County Executive Warren Evans said. "It's a large tract of land near a renowned international airport and there's a lot of potential for development that will help expand our tax base and create jobs."
The site is bordered by Pennsylvania, Wayne, Sibley and Vining roads.
The property was acquired after foreclosure. In 2016, structures and debris on the race course were removed following an agreement between the county and the property's then-owner to clear the site, according to officials.
"Situated near two highways and an international airport, we think Hillwood's plans for a mixed-use industrial development to drive commercial activity along the I-275 corridor is a great fit as we continue to build toward a world-class logistics hub," Assistant Wayne County Executive Khalil Rahal said.
The sale terms were approved by a 14-0 vote of the county commission. Under those terms, the buyer agreed to invest $40 million in the property within five years.
"This represents another major step in bringing investment and job growth in the area surrounding Metro Airport. It shows that Wayne County is moving forward and the airport region will help lead the way," Commission Chair Alisha Bell said.
The buyer also agreed to make an effort to award construction contracts to Wayne County-based and veteran-owned businesses, as well as ensure that 51% of jobs created by development will go to Wayne County residents, officials said.
"This property has the potential to become the gateway to Huron Township and our team worked closely with local officials to ensure this sale and future development will meet the needs of the community and benefit Wayne County residents," Evans said.
Copyright 2019 by WDIV ClickOnDetroit - All rights reserved.