There is no second-floor rest room though the ground, lighting, electrical and plumbing are new all through.
The roof seems to be in fine condition. It is two doorways down from a mainstay downtown Pontiac watering gap and, sandwiched in between the 2, you might have an choice to buy one other constructing for enlargement, if you need.
None of that, nonetheless, is actually driving the $3.75 million asking value for 81 N. Saginaw St. Clocking in at $1,563 per sq. foot, it is among the many highest identified per-square-foot sale costs at present in the marketplace for property of any kind in metro Detroit, in accordance with a overview of listings on CoStar Group Inc., a Washington, D.C-based actual property info service — and there is a purpose why.
The constructing simply north of Huron Avenue within the coronary heart of downtown is allowed to have one of many 5 medical hashish licenses issued within the Oakland County seat’s central enterprise district. The opposite 4 places with downtown licenses are Frequent Citizen (17 S. Saginaw St.); Zenith Ventures LLC (22 N. Saginaw St.); and RTMC Enterprises Inc. (123 N. Saginaw St. and 10-12 W. Pike St.).
So whereas the two-story constructing, which is simply 2,400 sq. ft, is only a shade over the median dimension of a brand new single-family dwelling, you must transcend simply its bricks and mortar to know its true worth, stated Harry Greenspan, one of many constructing’s house owners and the licensee for The Flower Chop medical hashish enterprise.
“There was not a precise science to it,” Greenspan stated of figuring out the asking value. “However I can let you know it was predicated on location, and that we’d be first to open by no less than three months, however in all probability nearer to 6.”
However Pontiac is nicely behind the occasions.
It took years of political infighting, lawsuits and different battles simply to get guidelines on the books and licenses issued for medical marijuana — practically a decade and a half after Michigan voters green-lit its use and sale within the state within the first place.
And now, Greenspan says, it is taking too lengthy for Pontiac officers to attract up guidelines on leisure dispensaries, that means that town continues to be years behind different communities — and The Flower Chop is, for all intents and functions, functionally out of date when customers can drive not too distant and safe leisure marijuana elsewhere.
“The issue is now could be that the medical mannequin, since 2019, is a damaged enterprise mannequin,” Greenspan stated.
Now at his wit’s finish, Greenspan stated he’s fed up and is keen to money out on the proper value.
“I am not pulling any punches anymore. I am not being good anymore,” he stated.
A message was left searching for an interview with Pontiac’s mayor or deputy mayor.
With leisure licenses seemingly on the way in which — the timeframe, nonetheless, is anybody’s guess — Greenspan hopes {that a} easy course of for getting the enterprise authorized as leisure when the time comes is sufficient to attract some bites on the lure.
Southfield-based brokerage agency Signature Associates Inc. has the itemizing on the constructing, which incorporates the license for 3 Inexperienced LLC. Gives to buy are due by Sept. 2.
Actual property buyers have stated in latest months that at one level, speculators had optioned as many as two dozen downtown buildings, making a logjam out there.