Cannabis Retailer Opens in Coldwater

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Skymint Inc., Michigan’s largest cannabis retailer, opened its 15th store in half of a vacant department store in Coldwater. According to the company’s president of retail, bigger spaces like the former Sears building are appealing because it gives the store a big blank canvas with which to work. The artsy, boutique-vibed store offers 60 cannabis brands. Skymint has grown quickly since entering the retail market in 2019. It can also be found in Bay City, Big Rapids, East Lansing, Flint, Hazel Park and Lansing.

 

Detroit’s Condo Market Picks Up

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Earlier this year, Detroit’s condominium market had 11 months of inventory. Now, it’s down to 7.6 months of inventory, ranging from downtown to areas east, north and west. That promises a healthy supply and demand, albeit probably short-lived. The rising costs of building materials, as much as 50 percent, are driving construction costs up and could threaten to cripple condo development projects. Increases in price may drive future buyers away. Empty nesters and older buyers are gravitating toward luxury condominium purchases, while first-timers or younger buyers are deciding to purchase single-family homes after seeing the high prices of condos.

MDOT Discusses Plans for Detroit’s Amtrak Site

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In February, the Michigan Department of Transportation met with developers to discuss Detroit’s Amtrak site. They want to build a new intermodal transportation facility on the site, with a mix of transit uses like passenger rail and bus, and maybe even residential and retail. MDOT is exploring private development on the property in an effort to offset the $36 million-$45 million cost of the intermodal facility. MDOT is applying for a federal RAISE (Rebuilding American Infrastructure with Sustainability and Equity) grant through the U.S. Department of Transportation.

Township Board Defies Planning Commission Recommendation

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The Huron Township board has rebelled. Detroit-based Sterling Group and Texas-based Hillwood Enterprises LP is constructing new warehouse and distribution space totaling 1.27 million square feet for Amazon.com Inc. Now, they want an amendment to the township’s zoning rules to be allowed to build another distribution center for Home Depot, totaling 450,000 square feet. The trustees approved the amendment and ignored a unanimous planning commission recommendation that put the brakes on construction. Concern over the impact of truck traffic on the southern Wayne County community is high.

Eviction Moratorium Extension Causes Angst

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Metro Detroit landlords continue to wrestle with the eviction moratorium extension. Some have drained their savings and maxed out credit cards to cover costs on their rental properties. The eviction moratorium had recently ended, only to be extended again until October 3. Tenants who face eviction often lose everything when their belongings are disposed of. More than 18,000 applicants have been approved for more than $117 million in rent relief, with thousands more awaiting approval of their application. $400 million still needs to be distributed. Although the extension was intended for communities that had substantial Covid 19 spread, Wayne County now qualifies after entering the substantial transmission category on Wednesday afternoon.

The Blake Family of Companies is Expanding

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The Blake Family of Companies has completed a $1 million redevelopment project. Blake’s Backyard in Almont has been expanded to a multi-purpose, year-round retail and entertainment venue. A 10,000 square foot taproom offers Blake’s Hard Cider, beer and wine and includes indoor and outdoor seating. The existing greenhouse and nursery were renovated and include fruit trees available for purchase. Blake’s Backyard includes an expanded fresh market that offers breakfast items such as bagels, avocado toast and breakfast sandwiches, along with coffee and baked goods, and a U-pick farm where customers can pick their own fruit, vegetables, herbs and flowers. Future plans for the property include hosting events such as gardening workshops, happy hours and live music. The venue can also be rented for private events.

 

Eviction Ban Reversal Upsets Lobbyists

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Housing lobbyists are upset about President Biden’s decision to revive the eviction ban. The President’s unexpected move to reinstate the federal eviction moratorium is a political loss for the National Association of Realtors and its industry allies who say they were excluded from discussions on the ban with the White House. Despite millions of dollars in contributions, industry trade groups felt the sting of betrayal from progressive lawmakers. The eviction ban fight is making its way through the courts.

 

Musicians Learn to Transpose Their Skills

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Across Metro Detroit, many musicians have migrated from the stage to the realty office. They’ve found that real estate requires a lot of people skills, collaboration, being OK with a constantly changing schedule and multi-tasking, not unlike the moxie it takes to play with a band. They also love the flexibility that being a real estate agent allows. Being a musician is far from a 9 to 5 job. It requires long hours, time on the road, and resourcefulness, similar to what it takes to be a successful realtor.

Pandemic Affects Real Estate Trends in 2021

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The pandemic continued its influence over real estate trends in 2021. The construction costs soared due to supply chain interruptions and work shortages. Consumers shifted their shopping habits to online and demonstrated less tolerance for retail service disruptions. The discussion of how to increase open public spaces moved to the forefront. City residents migrated to the suburbs because of the opportunity to work from home. Affordable housing became scarce. Rents increased and home inventories plummeted. Industrial and distribution properties continue to look like promising investments, along with single-family rental homes.

Detroit Property Receives A Big Facelift

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A small 1970s vacant and outdated Detroit building received a big makeover. Located along the Qline, between Campus Martius and Hart Plaza and near the 40-story Guardian Building, the building at 511 Woodward Avenue is now home to Michigan’s first Capital One-branded coffee shop with prospects for future restaurant and office tenants. Businessman Zaid Elia completed the $18 million-plus redevelopment which includes an outdoor patio, floor-to-ceiling windows and a slightly expanded footprint. Each floor plate is 7,500 rentable square-feet, making it a good fit for office tenants who may need less space than before COVID-19.