39315 Woodward Ave
Bloomfield Hills, MI 48304
St. Elizabeth Briarbank · Land For Sale · 13.19 AC

Arterra Luxe Collection LLC is excited to present a prime parcel of real estate in Oakland County on the Woodward corridor in the southeastern portion of Oakland County, an upscale suburban community in the City of Bloomfield Hills, Michigan. This exclusive 13.19 acre property is 607 feet primary street frontage directly on Woodward Avenue. This property is zoned Institutional, and can be used as a nursing facility, school, senior housing development, museum, etc… This parcel of land is currently improved with an assisted living facility. It is concluded that the highest and best use of the subject is a senior housing development as permitted under the current zoning. There is strong demand for senior housing as the number of elderly residents in the local market is increasing. As the “baby boomer” generation is beginning to enter their retirement years, senior care developers and providers expect growing demand for senior residential facilities in the years to come. The subject is considered a prime location for this type of development, as Bloomfield Hills is a mature community that will experience a steady increase in the senior population in the future. Furthermore, the typical household contains above-average income and home values, thus most residents possess the financial resources to pay for this type of specialize senior care. Also situated in Bloomfield Hills is the 315-acre campus for Cranbrook Schools which offers K- 12 private education program. In addition to various school buildings, this campus includes the Cranbrook Institute of Science, the Cranbrook Academy of Art and Music, an ice arena, a natatorium (indoor pools), a grand manor home, gardens, and preserved nature areas/woodlands. Comprehensive health care in this area is provided by various hospital and health care systems located in Pontiac, Royal Oak, Troy and Farmington. Various specialty medical centers and out- patient facilities are located throughout this portion of Oakland County. This area is adequately developed with housing, stores, services, schools, health care, and other public amenities. The existing freeway network provides residents with convenient access to employment, services and shopping located in other parts of the state. Furthermore, the existing supply of rental housing is expected to benefit from limited new construction.