Commerce Township remains an in-demand section of the western suburbs in Metro Detroit, but many of our clients have worried about the proximity to shopping, dining, and entertainment – especially for those looking in some of the outer-reaches of the township. Well, worry no more – a massive-mixed use retail project hopes to bring all of those things a little closer. Located on the east side of Martin Parkway (just north of Pontiac Trail), Five & Main will be spread over 55 acres, with similarities to other open-air retail developments built around Metro Detroit in the past 15 years, like the Mall at Partridge Creek and the Village of Rochester Hills.
Five & Main will see 56% of the retail space dedicated to restaurants, specialty foods, a gourmet food market, beverage retailers, and entertainment options; traditionally, only 15% of mall space has been dedicated to food and entertainment.
Other elements of what is being called a “Lifestyle Center” will include a high-end movie theater, exercise/workout facilities, “service and destination retail” (salons, etc.), green space with nature trails, and potentially, residential units.
The residential component is still a little grey – we had initially heard no residential, but now Crain’s is reporting that the developer is “in conversations with an undisclosed residential developer” to develop luxury apartments, potentially with a 55+ option. Currently, Pulte Homes is building single family homes in Merrill Park on the north side of where the development will be; Hunter Pasteur Homes recently completed Wyncliff (also single family homes) on the west side of Martin Parkway.
The developer is in final lease negotiations with some of the anchor retailers, as well as working on a final site plan to submit to the Township; financing for the project won’t be secured until 60% to 70% of the retail space is leased.
You can read more about the development in Crain’s Detroit, here.
Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 30 years combined experience in real estate, much of that with builders like Pulte & Toll Brothers. They also provide market research for area builders, developers and national firms. If you’re considering a new home, remember: the builders rep represents the builder, not you. Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!