Apartment Complex Planned at Walker Golf Course Property

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The Walker Planning Commission recently approved a preliminary site plan for a 522-unit multifamily apartment complex at the English Hills Country Club property. Further,the Planning Commission also approved a rezoning request for the adjacent property at 1470 Four Mile Road NW. The rezoning request for the adjacent parcel is from agricultural to high-density residential. In addition to Planning Commission approval, that request will also need approval from the Walker City Commission. About half of the proposed apartments will be one-bedroom units. Forty percent would be two-bedroom units and 10 percent would be three-bedroom units. The apartment buildings will take up approximately 30 percent of the two properties, which total 142 acres. The average unit size is 1,000-square-feet.

Michigan real estate news

Michigan Real Estate News Headlines – April 5, 2021

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Mortgages

Mortgage rate increase hits lenders as refinancing surge fizzles

Mortgage Firms Warned to Prepare for a ‘Tidal Wave’ of Distress

Need a Mortgage Loan? Good Luck. Lenders Are Tightening Standards.

Evictions

Some landlords sell properties as CDC extends eviction ban

Landlords fear some tenants using eviction moratorium as free pass on rent

National

Home prices see highest gain in nearly 15 years

A hint of what’s to come for dying malls: Phoenix mall owner sells out as property is rezoned for other uses

West Michigan

552-unit apartment complex planned at Walker golf course property

Detroit

Former Lear building in Capitol Park sold to H.W. Kaufman Group affiliate for new Detroit office

Grand Rapids

30-unit apartment development near Medical Mile approved over neighborhood concerns

Southeast Michigan

DTE Energy pulls out of downtown Ann Arbor, leaving big void to fill on Main Street

Village of Rochester Hills welcomes new retailers including Robert Redford’s Sundance, Busted Bra Shop

Developer building luxury shipping container homes in Ypsilanti Township

Outstate

Buyers flock to Bay City, Michigan for ultra-low home prices

Weekly Brief – March 29

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Michigan’s two largest metro areas are exceptionally different.

I had the opportunity to spend time in the Grand Rapids metro area in the past week. Metro Grand Rapids development is reminiscent of the sprawl in metro Detroit in the 1990s through the early 2000s. New subdivisions and neighborhood shopping centers are under construction in many areas of metro Grand Rapids. Grand Rapids remains in a growth and sprawl mode.

The Detroit metro area, on the other hand, has matured in its development. Development in metro Detroit (excluding, perhaps, northern Macomb County and the far western edges of Oakland and Wayne Counties) is infill or reuse. Redevelopment, rather than new development, is the primary project.

Grand Rapids still has plenty of greenfield development. Those developments have the potential to be less expensive to develop, as there is less assemblage to negotiate, and fewer legacy development issues to resolve (such as utility relocation).

Grand Rapids may, in a few decades, have to deal with the reuse and infill development issues that Detroit currently confronts. However, for the time being, development in metro Grand Rapids raises entirely different issues than development in metro Detroit.

Single-Family Zoning Issue Divides Ann Arbor City Council

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The Ann Arbor City Council is embroiled in a debate that has turned ugly. The city is poised to end single-family zoning, say several council members. Others disagree. The council voted to make it easier for more than 20,000 homeowners to put up a secondary home. These structures are sometimes known as carriage houses or granny flats. Removing additional single-family zoning restrictions could potentially increase affordable housing and reduce segregation and urban sprawl. However, the council disagrees on how to accomplish this goal, as well as how aggressively to pursue it.

Milford Postpones Rezoning Request

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The MIlford Township Planning Commission voted to postpone a rezoning request for the Kensington Ridge housing development. The 851-unit housing development requires the rezoning of 335 acres of property. The property is located at the southwest corner of Maple and Milford roads. Residents expressed traffic flow concerns. The commission will hear the issue again in April following discussions between planners and the applicant concerning density at the north end of the development, changes to the road access to Maple Lakes, and a water supply plan.

J.C. Penney Updates Store Closure List

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J.C. Penney has updated its store closure list. The company was one of the largest retailers to apply for Chapter 11 bankruptcy protection during the pandemic. It announced that it was closing 242 of its stores in May 2020. Since then, the retailer has delayed the closing of 15 stores that were scheduled to be shuttered in March 2021, extending the closing date into May. In doing so, the company added 18 more stores to its closure list.

Grand Rapids Property Developer Receives Tax Incentives

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Chicago-based 3F Properties has received $3.6 million in tax incentives to transform a 3-story vacant industrial building into 173 market-rate apartments. The property is located along Market Avenue SW and will include studio, one bedroom, and two bedroom units. The Grand Rapids development will rent apartments ranging from $975 to $1700.  The project also received a 10-year Obsolete Property Rehabilitation Act incentive valued at $2.9 million.

 

 

Weekly Brief – March 22

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For your consideration this week:
  1. The death of malls, which I have been discussing all year, has another casualty this week. A receiver will be taking over Partridge Creek Mall in Macomb County. A sale by its lender is likley. The Mall has no anchors and a rotating cast of dining tenants. As discussed previously (perhaps too much), malls are in a death spiral initially caused by online retail but accelerated by the COVID-19 pandemic.
  2. The pandemic claims a major hospitality casualty in Detroit. The Westin Book Cadillac, once the image of Detroit’s resurgence, is headed for foreclosure due to a lack of customers. I expect we may see more hotel failures as we continue the path to normalcy. We recently saw plans for a brand new hotel converting to senior living.
  3. The reinvigoration of Detroit’s neighborhoods continues with a plan for the East Warren/Cadieux area being unveiled. Like many plans in Detroit, investment from the public sector and quasi-public sector anchors the plan. We will know Detroit’s neighborhoods are truly back when private sector investment drives redevelopment.

Times are Changing for U.S. Malls

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U.S. malls are reeling as restaurant and retail tenants struggle to stay open for business.  Coresight Research data predicts that a quarter of U.S. malls could close over the next 3 to 5 years. Simon Property Group, America’s biggest mall owner, said that its 2020 fourth-quarter revenue dropped by 24%. However, experts think the Simon Property Group does not stand to be the biggest loser as its more distressed competitors will close their doors. Simon expects to see gains from its new additions of hotels and luxury residences.

Metro Detroit Area Home Buyers Duke It Out

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Metro Detroit area home buyers compete in bidding wars for their dream homes. Homes are selling for over the asking price, and properties aren’t on the market for long. Brokers are advising clients to come in with their best offers first or risk losing out in the bidding process. Home tours are hopping with appointments every 15 minutes. In one weekend showing, some homes can receive as many as 22 purchase offers. The length of time a house sits on the market from listing to sold has dropped 34% from 2020. Showings per individual home have almost doubled.