New Life Possible for Failed Bloomfield Park Development

An 80-acre site for the once promising $350 million Bloomfield Park town center development could soon have new owner who will clean up the rusting, graffiti-covered eyesore.

Wells Fargo Bank, which acquired the 80-acre site in a foreclosure, has sold foreclosure rights to a shell company, Bloomfield Village Investor Holdings, the Detroit Free Press reports. It’s not clear who is involved in the company or what its plans are for the property.

Developers had put $250 million into the project before it crashed with economy in 2008. Coventry Real Estate Advisors was an 80 percent owner of the Bloomfield Park development project in partnership with shopping center developer DDR of Beachwood, OH.

The original plan was for 80 retail shops, office space, a luxury hotel, a movie theater, two lakes and more than 1,000 residences.

The bank thought it had unloaded the property, which fronts Telegraph Road at the Pontiac/Bloomfield Township border, before a proposed deal with an affiliate of Farmington Hills-based Grand/Sakwa Development unraveled in August 2013 for unspecified reasons.

» Read the full story on the Detroit Free Press.

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This is how already-completed structures at Bloomfield Park looked in February 2013. Now, they’re increasingly tagged with graffiti and are beginning to rust. (Patch file photo)