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Public-Private Partnership Could Bring $4M Cornerstone Development to Fenton

Cornerstone Rendering 
What could soon happen in Downtown Fenton would be nothing short of transformational. City officials and their community partners announced today plans to construct a $4 million development at Leroy Street and Silver Lake Road that would begin to bring the district back to its historic downtown aesthetic.

“The Cornerstone Building would be an immediate icon for Fenton,” says City of Fenton resident and President of Mansour Realty Jerry Mansour Jr. Mansour’s firm helped the Fenton DDA broker the deal. “Not only would it be an icon structurally, but functionally. It could become a centerpiece for where business happens downtown.”

The 30,000 square foot, three-story development would include a mix of retail, dining, office and residential units. Up to nine businesses, 120 employees and 17 residents could occupy the building. The Cornerstone Building would retain the look and feel of a historic downtown structure with walkable sidewalks, outdoor dining and parking in the rear of the building.

The partners intend to be careful with tenant selection to ensure that the businesses who locate in the Cornerstone Building would be sustainable and contributing members of the community. The building could eventually include three to four dining and/or retail business on the first floor, three to five office businesses on the second and seven loft apartments on the third.

The potential property developer on the project is the Saab Family, who have been Fenton residents and regional property developers for decades. Ghassan Saab, who would be heading the Cornerstone Project, was born and raised in Fenton.

“Being a part of this project is really important to me,” says Saab. “It’s an exciting opportunity to play a role in shaping the future of the town where I live, and likely where my family will be growing up as well.”

Architectural firm Stephen Auger and Associates jumped at the chance to be involved in the Cornerstone Building Project. The Lake Orion firm is located in a downtown similar to Dibbleville and specializes in the kind of historic structures that are at the heart of vibrant downtown districts.
“The biggest thing with this project was preserving the sense of scale,” says Stephen Auger. “Dibbleville was built with sixteen- to twenty-foot storefronts, and while this is a larger building, we felt it was important to maintain that downtown rhythm.”

To maintain the look and feel of Dibbleville, the façade Cornerstone Building would be divided into several sections. Pedestrians and passersby will appreciate the unique feel of each storefront.

“We are excited to be working with a community with such a clear vision,” says Auger. “It’s obvious that the Fenton DDA, the city and the community share that vision for their future. We’re looking forward to playing a role in that future with this building.”

City of Fenton officials will continue to negotiate the terms of the Cornerstone Development deal with the prospective developer and tenants over the next few months. They hope to see construction begin by Spring 2012 and employ up to 200 trade workers. The city-owned property would be sold to the Saab Group for $1 and could generate up to $116,000 per year in tax revenue.

For more information on the project, stay tuned to the news at FentonBeCloser.com.

Public-Private Partnership Could Bring $4M Cornerstone Development to Fenton
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