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Troubled Parking Garage Sells to Australian Buyer
The Pontiac, MI city council recently voted unanimously to sell the downtown Phoenix Center parking garage to Australian software company BoonEx. The company told the city it would relocate its North American headquarters from Atlanta to two office towers connected to the Phoenix Center, at 47251 Woodward Ave.
The city will sell the parking deck for $3 million, but will receive no gain from the sale, as there are outstanding liens on the structure. The deal does, however, release the city from lawsuits with the office tower owners, that could have cost the city more than $20 million. The Phoenix Center is in dire need of renovation.
The three-story, 874,000-square-foot parking deck and rooftop amphitheater delivered in the early 1980s. It was named the Phoenix Center, in hopes that the deck would trigger a massive downtown revival, which didn’t happen.
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- ◦Sale/Acquisition
- ◦Sale/Acquisition
