posted on August 22, 2012 12:53
Farmington, MI. (August 22, 2012). The Farmington Downtown Development Authority has finalized a transaction to purchase the property located at 33200 Grand River Avenue. Most recently, the property housed Dimitri’s Restaurant. When long-time operator Basile (Bill) Anastasiou decided to retire, he placed the property on the market for sale. The DDA responded quickly to the opportunity to purchase the site, which is in a prime location on Grand River Avenue, near Riley Park.
The purpose for the purchase is two-fold: to encourage development or redevelopment of the site in a manner that is consistent with the Downtown Master Plan and to utilize the rear portion of the property to improve public parking in the downtown.
At its July 27, 2012 meeting, the DDA board of directors discussed the steps it intends to follow for recruiting a new operator for the site.
“The Board hopes to find an established operator that will create a destination restaurant in our town,” said Annette Knowles, DDA Executive Director. “Additionally, the higher hope is to redevelop the site according to the Downtown Master Plan. It would be ideal if both these goals could be wrapped into one exceptional project.”
Immediate plans include steps to separate the property into two parcels, such that the DDA may retain the parking lot for public parking, while selling the front portion for a restaurant space and/or a redevelopment project.
Financing for the purchase was supplied by the City of Farmington, which has provided a loan to the DDA for a two-year period. The contract price was $430,000.00.
The DDA’s Executive Committee, comprised of its President, Bob Rock, and its committee chairs will serve as the primary reviewing body for an potential offers or projects, with input from other committees, as required.
“It is not the intention of the board to engage in a long-term commitment to owning the building,” stated Rock. “We wish to move forward with securing a new opportunity that will contribute to the downtown in a positive way.”