BLOOMFIELD TOWNSHIP, Mich. – It's been a hulking, rotting ruin since the housing market imploded in 2008, but now the 80-acre Bloomfield Park development has a new buyer. Southfield-based REDICO has bought the foreclosure rights to the property.
The eyesore has been sitting along Telegraph road near the Bloomfield Township and Pontiac border with half constructed parking structures looking more forlorn daily. The original development called for condos, retail and other businesses. It never happened.
At an earlier time, Farmington Hills-based Grand/Sakwa Porperties LLC had entered into a deal to buy the foreclosure rights but ultimately decided to walk away.
REDICO said it will take at least six months to a year to get through the foreclosure process and while the company envisions a mixed-use development on the site, nothing is set in stone.
Oakland County Executive L Brooks Patterson is thrilled with the move.
"REDICO has an exceptional reputation as a developer," Patterson said. "I am confident they will bring the right tools to the table for the Bloomfield Park site."