Somerset Mall owner purchases former Kmart HQ in Troy

Plan for the old Kmart headquarters, take three.

The plans for the old world headquarters of the former Troy-based retailer are changing again. This time the owner of Somerset Collection, The Forbes Company,
has purchased the property. However, the Southfield-based firm doesn’t
have any concrete plans for the site yet but is not limiting what it
will consider putting there either.

The 40-acre site at the
corner of Big Beaver Road and Coolidge Highway, just west of Somerset,
has been vacant and its future in flux since Kmart pulled up stakes
earlier this decade.

The original plans called for leveling the site and building a new urbanism development called the Pavilions of Troy.
That $300 million project called for a large, dense, mixed-use village
with 500,000 square feet of retail space, 300,000 square feet of office
space, a 250-key hotel, 750 residential units (lofts and townhouses), a
3,000-seat theater, grocery stores, restaurants, and a public ice
skating rink. And then the housing market collapsed.

Last year Farmington Hills-based Grand Sakwa Properties made an offer on the property so it could build a more suburban-style commercial center. That deal also never materialized.

Source: The Forbes Company
Writer: Jon Zemke