NEW YORK — Time Equities Inc., a New York-based real estate firm, announced today the purchase of Unity Studios Inc., a 733,000-square-foot property in Allen Park for $12 million. TEI’s plans to transform the former film school into a hotel property with additional retail on the frontage on Southfield Road.
“As the newly established owner of this storied site, our firm is taking the proper steps forward to improve upon the property, increasing its overall value within the community,” said Rick Recny, director of asset management with Time Equities. “We’re going through the approval process for various site plans and expect to determine our next steps later this year.”
The studio has undergone a storied history. In 2009, the property was slated to be a full-fledged movie studio but stalled due to complications between the purchaser and the city. One year later, the building was briefly in use as a film school but never reached its full potential for utilization. TEI purchased the property from the city of Allen Park.
The acquisition marks TEI’s third property in Michigan. In 2013, TEI acquired Travelers Towers I and II at 26555 and 265333 Evergreen Rd. in Southfield from Lehman Brothers Holdings Inc. The property has undergone significant renovations and features an innovative fitness center and rotating art gallery.