After years of sitting empty, a high-traffic Benton Township property is on the path to a new life – and developers suggested residents may already have an idea of one of its new tenants.
Fairplain Plaza owners and developers Lormax Stern are seeking to redevelop the former Rite Aid location at the corner of M-139 and Napier Ave. Benton Charter Township trustees helped them take the next step on Tuesday, passing a commercial rehabilitation exemption certificate for a 10-year tax break beginning Jan. 1, 2024.
During the meeting, Lormax Stern Director of Property Management Matt Drozd said the 11,180 square-foot building will be gutted “down to the shell,” and completely revitalized with new HVAC, a new roof, four new storefronts and a repaved parking lot.
“We have interest from two parties,” said Drozd, during the meeting. “However, due confidentiality agreements, I can’t disclose who they are.
“I believe there’s been some social media buzz and you probably know one of them, if I had to guess. But I can’t disclose anything. Essentially what we’re going to do is utilize these tax incentives to entice them to open up new retail locations here for anywhere from 10- to 20-year leases.”
When the township passed a resolution to establish a commercial rehabilitation district at 1701 M-139, the Lormax Stern website featured an architectural rendering of the Fairplain Outlot showing a Chipotle logo, and community Facebook groups were quick to begin speculating. The website has since been changed to say “proposed Chipotle.”
Lormax Stern acquired Fairplain Plaza in 2016, and Cornerstone Alliance is working with the company to attract viable commercial activity to the township.
“We’re thrilled to have the opportunity to redevelop this area and create new dining and retail options for our community,” said Zach Vaughn, Director of Community Improvement at Cornerstone Alliance. “Our goal is to create a vibrant and dynamic destination that will serve as a catalyst for economic growth and development in the area. This is a prominent area with high visibility. The investment by Lormax Stern will transform this intersection.”
Township Supervisor Kathy Yates said the project represents a significant investment in the community.
“It will have a positive impact on both our local economy and the quality of life for our residents,” she said. “We look forward to seeing this project come to fruition and to the continued growth and prosperity of Benton Charter Township.”
Lormax Stern plans to begin the redevelopment project construction later this year.
