Marathon buys 2/3 of homes near $2.2B oil project
Marathon Petroleum Corp. has bought two-thirds of the homes in an area of southwest Detroit where the oil company is carrying out a $2.2 billion expansion.
The company announced in November 2011 that it wanted to create a buffer area between its growing refinery operation and residential areas.
Reportedly Marathon has bought 205 homes so far. The company began with a list of 296 homeowners, and 265 of them agreed to discuss terms for a possible sale.
The company made offers to 258 of them.
Marathon says it's offering a minimum of $40,000 for owner-occupied homes. Spokesman Jamal Kheiry says the average appraisal has been about $16,000 and its average offer has been about $65,000.