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Commercial property zoned for cannabis use command top dollar

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The floors, lighting, electricity and plumbing are all new, but there are no upstairs bathrooms.

The roof seems to be in good condition. Located two blocks down from downtown Pontiac’s flagship watering hole, with the option to purchase a separate building for expansion if desired.

But none of that is true According to reviews, 81 N. Saginaw St.’s asking price of $3.75 million is $1,563 per square foot, the highest selling price per square foot currently known in the market for any type of property in Metro Detroit. is one of There’s a reason there are so many listings on his CoStar Group Inc., a Washington, DC-based real estate listings service.

The building, just north of Huron Street in the heart of downtown, is licensed to hold one of five medical cannabis licenses issued in the central business district of the Oakland County seat.of 4 other locations Civilians with downtown licenses (17 S. Saginaw St.). Zenith Ventures LLC (22 N. Saginaw St.); RTMC Enterprises Inc. (123 N. Saginaw St. and 10-12 W. Pike St.).

As such, the two-story building, which measures just 2,400 square feet, Colors that exceed the average size of new single-family homesHarry Greenspan, one of the building’s owners and licensee of The Flower Chop medical cannabis business, says you have to go beyond simply brick and mortar to grasp its true value.

Greenspan said there was “no real scientific basis” for determining the asking price. “But I’d say it was based on location. It’ll be the first to open in at least three months, maybe closer to six.”

But Pontiac is outdated.

Nearly a decade and a half after Michigan voters first gave the go-ahead for use and sale in the state, just getting the rules on books and licenses issued to medical marijuana would end years of politics. Infighting, lawsuits, and other battles became necessary.

And now, according to Greenspan, Pontiac officials are spending too much time crafting rules for recreational pharmacies. This means that the city of Pontiac is still years behind other regions. Flower Chop is, for all intents and purposes, functionally obsolete by the time users can drive it. Don’t go too far, get your recreational marijuana elsewhere.

“The problem now is that after 2019, the healthcare model has become a broken business model,” Greenspan said.

Greenspan says he’s scratching his head right now, but he’s fed up and ready to cash out at a fair price.

“I’m not pulling punches anymore. I’m not kind anymore,” he said.

A message was left asking for an interview with the mayor or deputy mayor of Pontiac.

It looks like we’re getting closer to getting a recreational license, but no one knows when that will happen, but Greenspan said if there’s a smooth process for getting the business approved as recreational when the time comes, Lure will be on board. I hope it’s enough to devour you.

Southfield-based brokerage firm Signature Associates Inc. has a building listing that includes licenses for 3 Green LLC. Offer to buy expires September 2nd.

Real estate investors have said in recent months that At one point, speculators chose as many as 20 downtown buildings, causing a deadlock in the market.

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