DETROIT (WXYZ) - Cavs majority owner Dan Gilbert may buy a controversial property in Detroit.
A $50 million deal from Gilbert’s Rock Ventures LLC to buy the controversial Wayne County, Mich. Jail site and four downtown Detroit properties is expected to be announced Wednesday.
Members of Wayne County CEO Robert Ficano’s administration will be presenting their recommendation to the Wayne County Commission and the Wayne County Building Authority Wednesday.
Ficano stopped construction in June on the $300 million jail after learning that it was projected to be $91 million over budget. So far, the county has spent more than $154 million on the project, which now sits half-finished across from the Frank Murphy Hall of Justice.
Governor Rick Snyder wants the county to move the jail, as well as the Circuit Court criminal division, to the old Mound Road prison on Detroit’s east side.
The county received bids from five developers for the jail site and four nearby buildings: the Frank Murphy Hall of Justice, Division I and Division II of the current jail, as well as the Juvenile Detention facility. County officials previously said that the three leading offers for the properties were from Dan Gilbert’s Rock Ventures LLC, Triple Properties LLC (current owners of the Silverdome and the Penobscot Building), and Todd Fenton, who represented other private developers.
Sources tell 7 Action News that Gilbert’s development is expected to include residential, hotel, and entertainment space. The 5 properties are just steps away from Greektown Casino, which Gilbert now owns.
Sources say the County Commission is not expected to vote on the deal Wednesday.
The Commission and Building Authority Members will be asked to enter into a 90-day option agreement, which will give the county 90 days to research whether they can pull together enough funding to build the jail at Mound Road.
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