By Angie Favot
ALLEN PARK –– After 14 months of negotiations, the city is scheduled to close on the Unity Studios property Nov. 10.
City Administrator Eric Waidelich said that upon closing, the city will take the title from owner Sam Danou for the 104-acre parcel along the east side of Southfield Road south of I-94 and all of the buildings on the property. They include the former Visteon building and an unfinished building on Enterprise Drive.
Danou has agreed to allow Unity Studios to enter the building two weeks early to begin improvements such as building four soundstages, and for the opening of the Lifton Institute for Media Skills. The institute’s classes are scheduled to begin tomorrow.
Once the property is purchased, the city will initiate its contracts with lessees to fill the building.
Waidelich said that when the former Visteon building has about 80 percent occupancy, enough money will be generated to make a $31 million general obligation bond payment, which was issued to fund the multimillion-dollar movie, television and media studio complex.
via The News Herald: Breaking news coverage for Southgate, MI.