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A marriage made in heaven. That's what local real-estate experts are calling the new, long-term co-venture between one of the largest commercial developers in metro Detroit and a national shopping-center developer based in Farmington Hills.
The Kojaian Cos., a Bloomfield Hills-based office specialist, will co-develop future projects with retail specialist Weatherford/Walker Developments Inc., based in Farmington Hills.
Both companies will keep their names and will remain separate, said R. Richard Walker, president of Weatherford/Walker.
The Kojaian Cos. will have equity in all of Weatherford/Walker's new projects, Walker said by phone while vacationing in Antigua last week. In turn, Weatherford/Walker will have equity in the hotels, offices and high-tech buildings Kojaian develops in Weatherford/Walker's mixed-use developments.
Walker said Kojaian may develop other projects on its own, but said it was not likely that Weatherford/Walker would do any developments without Kojaian. Kojaian is owned and operated by Mike Kojaian and his two sons, Michael and Kenneth. Mike Kojaian, a former fruit-store merchant in Southfield, did his first real-estate development in the 1950s. The three Kojaians rarely talk to the media.