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Marathon buying homes ahead of $2.2 billion expansion

Marathon Petroleum Corp is buying homes in Detroit ahead of a planned $2.2 billion expansion.


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.

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