Novi has sold a nearly 10-acre property to a developer who plans to build a business and residential district catering to the city's Asian-American community.

The $50-million project dubbed "Asian Village" will include residential units, restaurants, office space, retail and lifestyle services at 42750 Grand River Ave., Novi.

A 25,000-square-foot Japanese and Korean market and food-hall will anchor the development, according to city officials. One World Market, a Japanese grocery store in Novi, will operate the space.

"I am excited about this project. Novi prides itself on many things, one of which is our celebration of diversity," Mayor Bob Gatt said in a statement.

"Creation of an Asian Village will be an extension of this strength. As home to the largest Japanese population in Michigan, it is a natural fit for our community."

Asians American make up more than 21 percent of Novi's population, according to 2017 population estimates from the United States Census Bureau.

Novi approved the sale last week of the 9.9-acre site for $3.15 million. The site is on the north side of Grand River Avenue and east of Town Center Drive, behind Walmart Supercenter and down the road from Twelve Oaks Mall.

Sakura Novi LLC. is the developer, an affiliate of Birmingham-based Robert B. Aikens and Associates, who is also proposing a $100-million downtown district in Commerce Township.

A message seeking comment was left with the developer.