BLOOMFIELD HILLS, Mich. (WXYZ) - Legal battles and a bad economy brought the upscale Bloomfield Park project to a halt in 2008. After years of sitting idle, there is new interest in the project.
7 Action News has learned the Grand-Sakwa Development company has signed a contract with the bank Wells Fargo to purchase the rights to move forward with the foreclosure process. If the deal moves forward, it will most likely be different than first proposed.
"Probably will see a change in the dynamic, maybe size will come down, " said Deputy Oakland County Executive Matt Gibb. "It will change focus. There will still be retail and restaurants, but also research and development of a knowledge based economy the County Executive has pushed for."
Bloomfield Park sits on 80 acres off Telegraph Road near Square Lake. It was slated to be a multi-million dollar retail and housing development.
The two companies will have 90 days to decide if they want to take the project to the next step.