Proposed Public Private Partnership could bring $4 Million Cornerstone Development for Downtown Fenton
On July 13, 2011 at a special joint meeting of the City of Fenton City Council and Downtown Development Authority a proposed development was announced for the Southeast Corner of Silver Lake Road and LeRoy. The Downtown Development Authority announced a potential partnership with the Saab Group, a Fenton area real estate development firm. This partnership is working toward redeveloping the former downtown area that was eliminated by Urban Renewal in the 1970's. The proposed development would include three phases for the project that would bring mixed use three story buildings that will include the first floor to be restaurant/retail, second floor office and third floor living quarters.
The first proposed building of the project situated at the Southeast Corner of Silver Lake Road and LeRoy will be "The Cornerstone", an iconic 34,400 square foot, three story building. Estimated construction cost for this building is approximately $4 Million. Terms and conditions for this project have not been finalized with the DDA and the Saab Group, however, the partners are working to finalize their agreements and secure tenants for a Spring 2012 construction.
For more information about this project please click here. If you would like to see architectural renderings of the proposed project please click here.