Multifamily

Oakland Town Center

Listing Price: $2,950,000

Number of Units
132
Price/Unit
$22,348
Price/Gross SF
$24.97
Gross SF
118,127

Investment Overview

Marcus & Millichap is pleased to present the Oakland Tower, 118,000 square foot landmark mixed-use office building. The subject property is comprised of an existing 14-story, zero lot-line office building with ground level retail in downtown Pontiac's Historic District. The building is proposed to be redeveloped with the first two floors of approximately 16,500 square feet of net rentable commercial space to remain in place (including the mezzanine and basement), and 12 stories with 132 residential loft apartment units of which 120 one-bedroom one-bathroom at 600 square feet and 12 two-bedroom one-bathroom units at 800 square feet. Environmental Phase I & II have been completed along with architectural plans.

Parking will be provided in the adjacent McLaren parking deck. The developer currently has an agreement with the owner to lease spots at a rate of $15 per space per month. The proximity of McLaren is a positive attribute, as both a community asset and source of employment for potential tenants.

Situated at the intersection of N. Saginaw and E. Lawrence Streets, the City of Pontiac contains 20.3 square miles and is located in the central portion of Oakland County within a mature, built-out community that contains a varied mix of residential, commercial, and industrial land uses. United Shore, a 5,000-employee company based in Pontiac, aims to hire 2,500 in 2020. It has also been reported that E-Commerce giant Amazon has proposed a $250 million project to develop the first fulfillment + delivery station in the U.S. at Pontiac's Silverdome site creating 1,500 jobs.

Investment Highlights

  • Mixed-Use Redevelopment Opportunity
  • Landmark Oakland County Office Building
  • 14-Story Glazed Terra-Cotta Tower
  • Located Within Pontiac's Historic District
  • Opportunity Zone Tax Incentive
  • Obsolete Property Rehab Exemption (OPRA) Tax Incentive

Exclusively Listed By

Listing Price: $2,950,000

Number of Units
132
Price/Unit
$22,348
Price/Gross SF
$24.97
Gross SF
118,127

Investment Highlights

  • Mixed-Use Redevelopment Opportunity
  • Landmark Oakland County Office Building
  • 14-Story Glazed Terra-Cotta Tower
  • Located Within Pontiac's Historic District
  • Opportunity Zone Tax Incentive
  • Obsolete Property Rehab Exemption (OPRA) Tax Incentive

Investment Overview

Marcus & Millichap is pleased to present the Oakland Tower, 118,000 square foot landmark mixed-use office building. The subject property is comprised of an existing 14-story, zero lot-line office building with ground level retail in downtown Pontiac's Historic District. The building is proposed to be redeveloped with the first two floors of approximately 16,500 square feet of net rentable commercial space to remain in place (including the mezzanine and basement), and 12 stories with 132 residential loft apartment units of which 120 one-bedroom one-bathroom at 600 square feet and 12 two-bedroom one-bathroom units at 800 square feet. Environmental Phase I & II have been completed along with architectural plans.

Parking will be provided in the adjacent McLaren parking deck. The developer currently has an agreement with the owner to lease spots at a rate of $15 per space per month. The proximity of McLaren is a positive attribute, as both a community asset and source of employment for potential tenants.

Situated at the intersection of N. Saginaw and E. Lawrence Streets, the City of Pontiac contains 20.3 square miles and is located in the central portion of Oakland County within a mature, built-out community that contains a varied mix of residential, commercial, and industrial land uses. United Shore, a 5,000-employee company based in Pontiac, aims to hire 2,500 in 2020. It has also been reported that E-Commerce giant Amazon has proposed a $250 million project to develop the first fulfillment + delivery station in the U.S. at Pontiac's Silverdome site creating 1,500 jobs.

Exclusively Listed By

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