Southfield-based real estate development and investment company Redico has completed the redevelopment of its The Village at Bloomfield property in Bloomfield Township.
The 87-acre mixed-use development, located on Telegraph Road in the Bloomfield Hills business community and near Pontiac, includes nearly 1.1 million square feet of development.
Prior to REDICO’s purchase of The Village at Bloomfield, the site was envisioned as a lifestyle center, featuring condos, retail shops, a health club, a cinema, and a hotel.
Construction on the project, then referred to as Bloomfield Park, started in 2006, but the original developer did not complete construction and the property sat abandoned for nearly a decade.
In fall 2014, Redico and its California-based equity partner, Pacific Coast Capital Partners, bought foreclosure rights to the site from mortgage holder Wells Fargo Bank. Redico changed the name to The Village at Bloomfield and began redevelopment in 2018, demolishing all the original construction except one building and adjoining parking structure.
“The completion of The Village at Bloomfield has been a long-awaited announcement in the community,” says Dale Watchowski, president and CEO of Redico. “The Redico team has worked hard to ensure this attractive mixed-use development gets the ending it deserves — becoming an epicenter of activity in a bustling neighborhood. We are excited for residents in Bloomfield Hills, Pontiac, and surrounding areas to enjoy all it has to offer.”
The development includes retail, medical office, fitness, dining, grocery, hotel, senior living, and multi-family housing. One tenant, Henry Ford Health, has an 85,000-square-foot ambulatory care facility, along with a Henry Ford OptimEyes brand retail store and optical center.
For more information visit redico.com.