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Liberty Square Deed Given To Michigan National Bank

Liberty Square Deed Given To Michigan National Bank image
Parent Issue
Day
9
Month
January
Year
1993
Copyright
Copyright Protected
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Donated by the Ann Arbor News. © The Ann Arbor News.
OCR Text

Liberty Square deed given to Michigan National Bank

By JOHN BEBOW

NEWS STAFF REPORTER 1 9 1993

Liberty Square, the empty shopping mall in downtown Ann Arbor, is in the hands of Michigan National Bank, which reportedly is close to finding a tenant or buyer for the property.

Originally designed as a festive marketplace on Liberty Street near the Michigan Theater, Liberty Square closed in late 1990 after several years of low occupancy.

In late December, Liberty Square owners Joseph Slavik, Melvin Rosenhaus, and David Robinson deeded the property back to their lender, Michigan National, said Del Lauria, spokesman for Slavik.

“(Michigan National officials) feel they have some leads and can successfully lease the property,” Lauria said.

He said Slavik, Rosenhaus, and Robinson would split any proceeds from the sale or lease of the building with the bank.

Michigan National officials refused to comment Friday.

Slavik, Rosenhaus, and Robinson, all of Farmington Hills, couldn’t lure a tenant or buyer in the past two years, despite deep cuts in the building’s price tag. As of November 1991, the owners were asking $2.2 million for the building, despite having invested more than $7 million in it.

At one point last year, the owners had detailed discussions with Detroit developers about creating a mall of restaurants and bars on the site, but that deal fell through, Lauria said.

Lauria refused to comment on what Michigan National may have in mind for the property. Real estate sources say they’ve heard rumors that the building may be renovated into a multiplex cinema or health club. Sources acknowledge the rumors are sketchy.

In recent years, the Farmington Hills businessmen have offered a variety of proposals for the site, which they opened in 1986 as Tally Hall. Proposals have included a convention center and a sports center that would feature retail shops along with simulated mountain climbing, kayaking, and indoor golf driving ranges.