Former Pinnacle horse track property will be developed with industrial projects
A large parcel of land owned by Wayne County near Detroit Metro Airport will be developed with warehouses for the logistics industry, with an eye toward other industrial projects.
Wayne County has closed on a $4.9 million sale of the Pinnacle Aeropark Property to HS Commerce 275 LLC, the county announced Wednesday.
HS Commerce 275, a joint venture between Texas-based Hillwood Enterprise LP and Detroit-based Sterling Group, plans to invest $40 million into the Huron Township property over five years.
Plans for the property, which includes 350 acres of county-owned land and the 300-acre former Pinnacle Race Course site, include two storage or warehouse-type buildings totaling more than 600,000 square feet. The site is bordered by Pennsylvania, Wayne, Sibley and Vining roads.
“Given the proximity to the airport and the expected growth of the logistics industry, we think potential tenants will be as interested and excited about this project as we are,” Wayne County Executive Warren C. Evans said in a statement. “We are continuing to leverage assets like Detroit Metro Airport to attract investment, create jobs and expand the tax base.”
The horse-racing track closed in 2010 after the Ficano administration spent $26 million in taxpayer money there for infrastructure improvements. The venture failed two years after the track opened in 2008. Once the deal closes, taxes paid on the property will go toward back debt from $13 million in bond funding issued for the site under Ficano, The Detroit News previously reported.
In 2016, structures and debris on the race course were removed per an agreement between the county and the property owner.
“This property is perfectly situated for mixed-use industrial development to drive commercial investment," Wayne County Assistant Executive Khalil Rahal said in a statement. "The fact that Hillwood was willing to move forward with these buildings before securing tenants tells us they expect the property to be in demand and that’s a great sign.”