Blackacre Management in Southfield has secured $9.6 million in funding for the redevelopment of the Oakland Towne Center office tower in downtown Pontiac, transforming it into a multifamily/mixed-use project.
George Smith Partners in Los Angeles is the lending institution in the transaction.
The project involves the conversion of the property, constructed in 1925 as the Pontiac State Bank headquarters, into 103 market-rate multifamily units and more than 23,000 square feet of commercial space. Upon completion, the development is poised to serve as a benchmark for mixed-use projects in the emerging downtown corridor of Pontiac, according to the developer.
“We are extremely excited and looking forward to being part of the historic renaissance happening in downtown Pontiac,” says Maha Banno, president of Blackacre Management.
The Oakland Towne Center, with its hybrid Art-Deco/Italian Renaissance design, covers 135,000 square feet, and will feature 103 residential units, offering diverse living spaces that blend old-world charm with modern comfort, says the developer.
In addition to the residential units, the redevelopment project will introduce more than 23,000 square feet of commercial space, designed to create a dynamic environment for local businesses and entrepreneurs to thrive.
“One of the biggest challenges facing any project can be the bureaucratic battles with various city officials,” says Dalen Hanna, founder and CEO of Blackacre Management. “In Pontiac, we have found the city to be a true partner. We feel very lucky to be getting in on the ground floor of what is clearly only the beginning of Pontiac’s revitalization. Pontiac is proving to be a great place for redevelopment opportunities.”
