Developers plan to raze Kmart's former world headquarters in Troy and build a retail center that includes luxury hotels, specialty shops, upscale condos, offices and entertainment venues.
Reston, Va.-based Richardson Development Group on Monday unveiled plans for the 40-acre site located about 15 miles north of Detroit. Richardson will partner with Cincinnati-based Boorn Partners.
Project officials say "Pavilions of Troy" will combine commercial and community amenities, and feature an ice skating rink. The site is near Somerset Collection, considered Michigan's premiere mall.
"It's a great spot to do business," said project consultant Paul Welday. "That corner is a destination point for shopping and gathering."
Welday said developers would demolish Kmart's former world headquarters, which opened in 1972.
The building was vacated after Kmart Holding Corp. acquired Sears, Roebuck and Co. for $12.3 billion in 2005. The enlarged retailer was renamed Sears Holdings, and made its headquarters at Sears' home in Hoffman Estates, Ill.
BlackRock Inc., a New York-based financial assets management firm, purchased the Troy property in 2005.
The project, which requires approval from Troy officials, would be one of the biggest developments to hit Oakland County in years. Welday said part of the project that includes retail could be completed within 18 months.