Home Foreclosure Redico of Southfield completes Bloomfield Village redevelopment

Redico of Southfield completes Bloomfield Village redevelopment

The 87-acre mixed-use Village at Bloomfield comprises nearly 1.1 million square feet of development. // Courtesy of Redico

Redico, a Southfield-based real estate investment and development company, has completed the redevelopment of its The Village at Bloomfield property in Bloomfield Township.

The 87-acre mixed-use development, located on Telegraph Road in the Bloomfield Hills business district and near Pontiac, comprises nearly 1.1 million square feet of development.

Prior to REDICO’s purchase of The Village at Bloomfield, the site was envisioned as a lifestyle center, including condos, retail stores, a health club, movie theater and hotel.

Construction on the project, then called Bloomfield Park, began in 2006, but the original developer did not complete construction and the property lay derelict for nearly a decade.

In the fall of 2014, Redico and its California-based financial partner, Pacific Coast Capital Partners, purchased the foreclosure rights to the site from mortgagee Wells Fargo Bank. Redico changed the name to The Village at Bloomfield and began redevelopment in 2018, tearing down all of the original construction except for a building and an adjoining parking structure.

“The completion of The Village at Bloomfield is a long-awaited announcement in the community,” said Dale Watchowski, President and CEO of Redico. “The Redico team have worked hard to ensure this attractive mixed-use development gets the end it deserves – becoming an epicenter of activity in a bustling area. We are thrilled that residents of Bloomfield Hills, Pontiac and surrounding areas can enjoy all it has to offer.

The development includes retail, medical offices, fitness centers, restaurants, grocery stores, hotels, seniors’ residences and multi-family housing. One tenant, Henry Ford Health, owns an 85,000 square foot ambulatory care facility, as well as a Henry Ford OptimEyes-branded retail store and optical center.

For more information, visit redico.com.