Boblo Now Mansions, Condos

[The Interpreter]

http://www.detnews.com/apps/pbcs.dll/artic...030420/1001/BIZ

You should see the picture at the site above, too.

Bob-Lo goes upscale

Former amusement park isle welcomes condos, mansions

Louis Aguilar / The Detroit News

BOB-LO ISLAND -- The long-deferred dream of transforming the former Bob-Lo Island amusement park into a yuppie haven of million-dollar homes gets back on course today after years of stormy financial times.

At a ribbon-cutting ceremony planned this morning on the Detroit River island, the Canadian developer who gained control of Bob-Lo through bankruptcy last year relaunches a master plan to build 1,600 condominiums and riverfront mansions that may be priced as high as $2.5 million.

A 90-slip marina is up and running, and there are plans for a spa, small retail area and walking trails amid the now-lush island.

For generations of Metro Detroiters and Metro Windsorites, the Bob-Lo Island amusement park was a rite of childhood passage.

Since closing in 1993, when all the rides sold off in auction, Bob-Lo has gone through a number of owners, including AAA Michigan, and failed visions.

"The time is now for a number of reasons," said Dominic Amicone, founder and president of Amico Property Inc., the Oldcastle, Ontario, developer who owns the 272-acre island on the Canadian side of the Detroit River.

Amicone expects it will take about eight years to complete his master plan for Bob-Lo Island. Some of the housing has been on the market since spring, he said, and half of what has been offered is already sold.

"The demographics are there for a large number of people who have fond memories of the island who will want to return. I am aware of the renaissance of the Detroit side, and I hope that will contribute," Amicone said, referring to multiple plans to build high-end riverfront housing in downtown Detroit.

"Also, all the debts have been paid," Amicone said.

Bob-Lo is just east of Grosse Ile on the American side of the river. The island is officially part of the town of Amherstburg, Ontario, about 20 miles south of Windsor.

Amicone gained control of the island from former owner John Oram, a Bloomfield Hills developer who purchased Bob-Lo for $2.5 million in 1994, just months after it ceased operation.

Oram began developing the island as a vacation destination -- mostly for well-to-do Michigan residents who wanted an upscale summer home. About 70 homes were sold, including about 30 to Grosse Pointe-area residents. Most of those residents still live on the island.

But his plan to build hundreds more homes and condos, as well as a golf course, soon went awry. By 2004, he was saddled with $32 million (Canadian) in debt. Developer Amicone was the largest creditor, with $11.5 million (Canadian) in mortgages. At one point, the private ferry that transports residents to the island was shut down because of lack of funds.

When an Ontario bankruptcy judge awarded Bob-Lo to developer Amicone, the Windsor Star newspaper declared that Oram's "10-year reign of error" over the island was over.

Amicone gained control of empty, weed-filled land, an unfinished 39-unit condominium, two ferry boats, company buildings on the mainland and other assets. He has committed to paying nearly $600,000 for an island water main, $500,000 in outstanding taxes owed by Oram and $400,000 in outstanding bills for water and sewer services.

Amicone also will pay the full maintenance and operating costs of the sewage treatment plant and water system, as well as footing part of the bill for road upgrades.

The island was first settled by American Indians. French explorers in the 18th century renamed the island Bois Blanc for the many birch and beech trees covering its three-mile length. During the War of 1812, Shawnee Chief Tecumseh headquartered there.

In the 1830s, it was part of the escape route for slaves fleeing the U.S. South during the Civil War. During the 1850s, Col. Arthur Rankin bought it from the British authorities for $40, and in 1869 it was sold to his son Arthur McKee Rankin, a New York stage actor. Rankin built a fancy home and had parties there, stocking the island with wild game.

In 1898, the Detroit, Belle Isle and Windsor Ferry Co. bought it and established the Bob-Lo Excursion Co., which carried passengers by steamer from Detroit. In 1903, a stone pavilion that still stands was commissioned by Henry Ford and designed by Albert Kahn.

"We'd like to keep as much as possible," said Sandra Couloufis, vice president of Amico. "But it's still unclear how much can be salvaged or put to use again."

Other structures include the theater, the chapel and the shell of the old bumper car ride.

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Building up Bob-Lo

Bob-Lo Island development will include:

# 1,600 units ranging from condominiums to mansions; prices range from $275,000 to $2.5 million

# Private ferry service available 24/7 from the town of Amherstburg, Ontario

# Shoreline bike/pedestrian paths

# Gardens and waterparks

# A 90-slip marina and at least one spa

# A small retail area