JOINT VENTURE BREAKS GROUND FOR $50 MILLION MIXED-USE DEVELOPMENT

WHITE LAKE TOWNSHIP, MICH. — A joint venture between Farmington Hills, Mich.-based Gershenson Realty & Investment and Troy, Mich.-based KIRCO has broken ground for the construction of a $50 million, 28-acre mixed-use development located in White Lake Township. The Village Lakes Plaza, located at 1534 Elizabeth Lake Rd., will be anchored by a 104,000-square-foot JC Penney, and will contain an additional 60,000 square feet of retail and 77,000 square feet of medical office space. The retail component of the development will include Stucchi’s/Pappa Romanos, Verizon Experience Store and Famous Footwear. St. Joseph Mercy Oakland, a division of Trinity Health, has already committed to nearly half of the medical office space. The project, which is expected to be complete in July 2008, is the first joint venture project between the two companies.