Title firm works to revitalize Detroit

Owner helps city, Wayne County sell reverted properties

By R.J. King / The Detroit News

David Guralnick/The Detroit News

LaMont Title Corp. president Catharine LaMont stands in front of Comerica Park, for which she managed title and escrow needs for land assembly and financing.

DETROIT -- When Catharine B. LaMont opened her real estate title company earlier this year, she was certain she could contribute to the city's revitalization drive.

Over the past eight years, Detroit has added two downtown sports stadiums, three temporary casinos, the nearly completed headquarters for Farmington Hills-based Compuware Corp. and General Motors Corp.’s world headquarters at the Renaissance Center.

LaMont, an attorney who graduated from Wayne State University School of Law in Detroit 22 years ago, also planned to apply her expertise in the tax-reversion process. An estimated 50,000 properties have reverted back to Detroit over the last few years due to nonpayment of taxes, she said.

LaMont is working with Wayne County and the city to help set up public auctions to sell the property. She also is working with Detroit Public Schools to acquire land for the construction or expansion of educational buildings.

“We’ve had good success so far in selling the reverted properties and working with groups like Detroit Public Schools,” said LaMont, president of LaMont Title Corp., in the 211 W. Fort building.

“In some instances, you have to be very vigilant in guarding a client’s future plans. If land speculators find out you’re trying to buy property for a school, they could come in and buy the land and then try to sell it to the schools for a much higher price.”

LaMont, who previously worked as first vice president and counsel for Troy-based First American Title Insurance Co., said she decided to open her own company in downtown Detroit after working on a number of urban projects.

She also has lived in Detroit in neighborhoods such as Corktown, Indian Village and in a handful of historic apartment buildings that line the Detroit River near Belle Isle.

In recent years, LaMont has managed all title and escrow needs for land assembly, disposition and financing for Comerica Park and Ford Field. She also provided title and escrow services for the city to establish a permanent site for the three casinos along the Detroit River. The city has failed to complete the project.

LaMont also assisted in other projects, including GM’s purchase of the RenCen’s 500 and 600 office towers and the redevelopment of residential neighborhoods Brush Park and Jefferson Village.

“It’s important that Detroit continue to attract and help develop large-scale projects like Ford Field and Comerica Park,” LaMont said. “There are a number of bars and restaurants that have opened downtown, due in part to the stadium development, GM’s arrival and the success of the theater district.”

“We’re also seeing signs that residential lofts are leasing very well downtown. That could help boost the opportunity to draw retailers downtown. The neighborhoods are coming along as well.”

You can reach R.J. King at (313) 222-2504 or rjking@detnews.com.