Detroit’s Former American Motors Corporation Slated For Redevelopment

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The Kansas City, Missouri-based NorthPoint Development LLC will redevelop the former American Motors Corporation headquarters to the tune of $66 million. An automotive supplier will likely occupy the site. Construction of a 728,000-square-foot industrial facility is planned, pending City Council and other approvals. A specific tenant hasn’t been disclosed, but it’s estimated that the site could employ 300 of more people. Officials expect 150-200 construction workers. NorthPoint’s deal with the city means that the developer would buy 56 acres of land for $5.9 million, including 26 residential parcels owned by the Detroit Land Bank Authority and a Detroit Brownfield Redevelopment Authority-owned property totally 8.5 acres. The $66 million price tag includes the cost to demolish the buildings.

Ford Land CEO Says Goodbye

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Dave Dubensky, the CEO of Ford Land and the man responsible for the Michigan Central Station deal, is ending his five year tenure.  He pushed for change and implemented a plan to transform company property in Michigan, throughout the U.S. and around the world. Ford Land manages a total of 240 million square feet of real estate. According to Dubensky, Ford Land focused on modernizing and elevating experiences for global employees that walk through the door of any Ford building in an effort to retain and attract talent.

 

 

Children’s Health Center Construction Underway in Flint

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The Genessee Community Health Center, will be completed by next September. The Genesee Community Health Center will house all the children’s services programs of the Genesee Health System. It will be located on a parcel of land on the outskirts of downtown Flint. The center will encompass 60,000-square-feet and cost $22 million. The cost is covered through private and public funding, including grants and new-market tax credits.  Genesee Health System is a provider for Genessee County adults with serious mental illness or substance abuse disorders, as well a children with developmental disabilities.

The Detroit Center for Innovation New Location to be Announced

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Stephen Ross, Chris Illitch, Mayor Mike Duggan and U of M President Mark Schlissel will reveal the Detroit Center for Innovation’s new site this Monday. Wayne County’s aborted jail site was the originally planned site for the center. The announcement invitation says details about a national tech company coming to Detroit will be shared. The original plans co-developed by Related Cos. and Bedrock real estate firm, but that partnership was dissolved last summer.

 

The Housing Market May Be Calming Down

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Experts say the housing market is may be approaching normalcy for 2022. Home prices should continue to rise, but the pace of the increase will be slower than the last two years. Buyers will continue to outnumber sellers which means home inventory will remain low.  Jeannette Schneider, president of RE/MAX of Southeastern Michigan predicts that home values will increase 8-10 percent in 2022. Other experts say models suggest that in October 2022, prices will be 12.8 percent higher than the the year before. The going will continue to be rough for first time home owners.

Long-Term Solutions Address Needs of Detroit’s Homeless

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The Pope Francis Center broke ground on a Bridge Housing Campus that will provide 40 studio apartments as temporary shelter to people for 90-120 days. During that time, the project will offer social and job-preparation services and comprehensive medical care that addresses physical, psychological and addiction needs. The project is part of a long-term plan to  solve the root causes of  chronic homelessness in Detroit by 2030.  People who stay in the studio apartments will transition to permanent supportive housing. The facility is scheduled to open mid-2023. Construction will begin in early 2022. Mayor Duggan sees this project as a potential national model.

 

 

Expiring Covid Mortgage Bailouts Problematic for Thousands

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As Covid-related mortgage bailout programs expire, hundreds of thousands of homeowners may lose or sell their homes. Out of options, borrowers who lost too much income or their businesses during the pandemic could take advantage of high equity in their homes and sell. However, data shows that has not been the trend. About a third of borrowers with at least 40% equity in their homes still go into foreclosure. Over 7 million bailed out borrowers are current on their mortgage payments. Some sold their homes or refinanced them to afford the mortgages. About half a million are in loss litigation with lenders.

 

Grand Rapids Management Company Plans More Affordable Housing

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Grand Rapids-based property management company Eenhoorn LLC purchased a mixed-use building with 235 market-rate apartments in downtown Grand Rapids. The $50.7 million building includes shared amenities such as a courtyard, fitness center, parking garage and retail space. Eenhoorn is working closely with the city to reserve up to 20% of the units for tenants earning between 80-90% of the area median income. The company hopes to address the housing gap for wage earners who are priced out of high quality units in low income housing projects and full market rate apartments. 

 

 

Asphalt Facility Proposed for Detroit’s Former Farmer Jack Headquarters

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The old Farmer Jack Headquarters in northwest Detroit may soon be the new home of an asphalt mixing facility. The Pontiac-based company, Asphalt Specialists, is proposing the $1.5 million plant. The company currently employees more than 100 employees, including truck drivers and maintenance. The plant would add 40-50 jobs. The plant would include an office and scale house for measuring 3,000-4,000 square feet of product. A dust collection system would collect 98-99% of the odors.

 

 

 

Sale Pending For Popular Nightlife Hotspots

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Grand Rapids’ The B.O.B. and the 20 Monroe Live concert venue may soon be changing hands. Sales are pending for both nightlife hot spots. There are two separate unidentified buyers, and both deals should close early next year. The B.O.B. was listed for $15.5 million and 20 Monroe Live for $16.5 million. The B.O.B. houses 3 restaurants, a brewery, a nightclub and a comedy club. 20 Monroe Live is a concert venue that can seat up to 2,600 patrons.