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Always 20% - 35% Off Retail HOURS: Mon.-Sat. 9:30-6 • Thurs. till 7 Courtyard Center • 32500 Northwestern Hwy. • Farmington Hills, MI 48334 • (248) 851-6770 Is YOUR FINANCIAL HOUSE IN ORDER? To find out, call 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. .