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Annual percentage yield accurate as of 7/28/97 and are subject to
change without notice. Money Market: $2500 minimum balance required
to open account and must be maintained for stated APY. Balances below
$2500 earn 2.75%. Fees may reduce earnings if minimum balance is not
maintained © 1997 Sterling Bank & Trust FSB.
The
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ONLY AT THE SHIRT BOX
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Courtyard Center • 32500 Northwestern Hwy. • Farmington Hills, MI 48334 • (248) 851-6770
Is YOUR FINANCIAL HOUSE IN ORDER?
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PHASE FOUR
JOEL LEVI, CFP
TRISH WELLMAN, CFP
(248) 559-6980
17117 WEST 9 MILE ROAD • SOUTHFIELD, MI 48075
PHASE FOUR ADVISORY, REGISTERED INVESTMENT ADVISOR
1/2
1998
Securities offered through Vestax Securities Corporation, Member NASD & SIPC
1931 Georgetown, Hudson, OH 44236 • (216) 650-1660
known as the Farbman/Stein
Company, developing and managing
the third tower of the Riverfront
Towers Apartments. That was followed
by a deal with GM involving some
New Center area properties.
Farbman said he saw the hidden
recession of 1988 coming, so he
changed the direction of the company
from being in the development busi-
ness to the service business, operating
properties for institutions like mort-
gage and insurance companies, pen-
sion funds and banks. His company
now manages more than 15 million
square feet of space.
"I thought that if we were going to
be developers and the private sector is
overbuilt, let's go to the public sector
and see what we can do there," said
Farbman. He acquired the former R.L.
Polk Building behind the Federal
Building, and tore it down to build the
headquarters of the Detroit Field
Division of the U.S. Drug Enforcement
Agency, which the Farbman Group still
owns and operates.
Farbman also built primary care
facilities for DMC. He wound up
doing work for every one of the key
players he had met with, except Ford
Hospital.
"My idea was to take the knowl-
edge I've learned over the last 30 years
and bring it to the city and create
value for Detroit. I wanted to make a
contribution to the city at the same
time as I tried to make a living for the
company. It seems to be working nice-
ly," said Farbman.
He also handled the land acquisi-
tion for the Wayne County Stadium
Authority for Detroit's proposed side-
by-side baseball and football stadiums.
One of Farbman's current projects
is Metro World, a 750-acre mixed-use
development north of 1-94 and south
of Ecorse Road near Metropolitan
Airport.
The first phase of the development is
a 450,000- square-foot shopping center
being built with the Tanger
Corporation, the premier outlet center
company, featuring a mix of smaller
tenants and "warehouse" stores. In addi-
tion, there will be hotels, restaurants
and theaters, all on the first 150 acres.
More hotels and restaurants will
follow, as will office space, high-tech
and industrial buildings and apart-
ments and housing. A new inter-
change was opened in October on I-
94 and Bining Road to accommodate
the project, whose total development
will take eight years.
Farbman purchased Hayes Wheel,
the landmark 1.2 million-square-foot
industrial facility near Metro Airport,
and will close on it this month.
Hayes Wheel is moving their head-
quarters onto land Farbman sold them
in a nearly 1,000-acre Northville
Township site between Sheldon and
Beck Roads. Farbman handled the
pre-development and distribution of
the site for Wayne County.
The Farbman Group recently pur-
chased the nearly 500,000-square-foot
Bingham Farms Office Center from
Etkin Management Services, Inc. That
deal will close in April, giving Farbman
time to do some tax-free trades.
Farbman's game plan is to put a
substantial amount of money in the
Telegraph Road project south of 13
Mile and upgrade the buildings. It is
one of the largest office properties in
metro Detroit.
Farbman has also entered into a
joint venture with Farmington Hills-
based builder Gilbert "Buzz" Silverman
to develop apartments in Dearborn.
New Development In Motown
The former Cadillac plant on Clark
Street is not the only site related to
Detroit's automotive history to catch
the attention of local developers.
The federal historic site on
Woodward Avenue in Highland Park
where Henry Ford manufactured the
Model T automobile now has a new
neighbor, the Model T Plaza.
Phases I and II of the 115,000-
square-foot retail strip, anchored by a
60,000-square-foot Farmer Jack
superniarket, opened last November.
The project was developed by Model
T Plaza Associates, a partnership of
Erwin C. Ziegleman, Mickey Ross
and Claude Auger.
Ziegleman, a resident of Franklin,
is a major developer of shopping
centers and apartments and office
buildings in Detroit and Florida, and
a major investor in Perceptron, Inc.
In another Highland Park devel-
opment, Stuart Frankel and
Associates broke ground last year for
Oakland Park, a warehouse distribu-
tion and light industrial park on a
145-acre site. Their master plan calls
for the development of 2 million
square feet on the site.
.