Developer trying to unsnarl the legal issues around Bloomfield Park development

BLOOMFIELD TOWNSHIP, Mich. (WXYZ) - Fourteen unfinished buildings sit on the east side of Telegraph north of Square Lake.

Work stopped on the Bloomfield Park development in late 2008. Now as many as 90 contractors could settle dozens of lawsuits for pennies on the dollar.

Mitchell Shammus of Modern Mirror and Glass says he has been told the most recently negotiated settlement is for $13.67 cents on the dollar.

He told Action News that his company would recover only about $135,000 of the one million dollars it is owed.

Shammus says "you can't get blood out of a rock."

The ninety acre site was originally intended to have luxury condos, offices and stores like Barnes and Noble, Coldwater Creek and Banana Republic.

If the Wells Fargo bank can get the creditors to release the liens, it could foreclose on the property and start the long process of trying to find another buyer or developer for the property.

Insiders say it could take years.

They have not even had engineers assess the property to see if the structures are still viable after sitting unfinished in the weather for three winters.
 

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