Tiger lands at the heart of Michigan’s heartland property hunt article A four-year battle over a land deal between two wealthy Detroit businessmen has ended with the sale of the sprawling land at the center of the land grab.
Mick and Joanna O’Keefe purchased the land, called the Tiger Residences, in 2012.
They have since been involved in two other multimillion-dollar land deals, with the land valued at $15.5 million.
They were recently awarded the largest land sale in Michigan history, with their new home on the corner of Broadway and South Michigan avenues in Detroit.
The O’Neills had originally planned to build a luxury residential property on the site, and are now working on a new one.
But the property was also at the core of the 2014 takeover of the city by the city of Detroit, which required that it sell off some of the O’NEILLs land.
The deal is expected to net the O’s about $1 million a year in rent.
The couple’s story has drawn national attention, with one news outlet asking how a land grab that involved a city official, a developer and a developer’s wife could have ended so quietly.
In a statement released Wednesday, Mick O’Keefe said, “I am happy to see the deal close.”
He added that he was “extremely proud of my wife and I for having worked so hard to create a wonderful property that has so much potential.
We hope that our new home is a great place to raise our children and to continue our philanthropic work in Detroit.”
The O’s were among five properties that made up the $7.5 billion city sale, which was announced last year by Mayor Mike Duggan.