Two prime pieces of property near State Road 135 are for sale and could be developed as new homes or retail shops.
Banks have foreclosed on properties near the corners of State Road 135 at Smith Valley Road and Whiteland roads, and now both are listed for sale.
Six developers have shown interest in about 21 acres of land on Smith Valley Road, about a half mile east of State Road 135. The land owned by BMO Harris Bank is priced at about $1.4 million and could become a new apartment, condominium or townhouse development, Colliers International agent Ross Reller said.
The land already has some roads and utilities and is close to a developed intersection, Reller said.
“I’m pretty confident we’ll have an offer in the first quarter of 2014,” Reller said.
Farther south, about 20 acres of land around South Grove Landing Shoppes at Whiteland Road and State Road 135 is owned by Flagstar Bank. The property is priced at $1.7 million and could have new retail shops or offices, Reller said.
Interest hasn’t been as high but will grow as development reaches south on State Road 135, he said.
“It’s just a question of are we talking 12 months, 24 months, five years or 10 years,” Reller said.