Bedrock CEO Shares Ways to Attract Innovative Talent to Detroit

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According to Bedrock CEO, Kofi Bonner, Bedrock has an opportunity to grow a globally significant innovation district in the heart of Detroit. The Detroit area has the land, talent and necessary capital to sustain growth. Bonner cites advantages in next generation technologies that impact mobility, defense, clean energy, cybersecurity, fin tech, agricultural science and life science sectors. Over the last ten years, Rocket Companies and other finance and technology companies distributed throughout the Bedrock portfolio have completed the first phase of a “business-led” downtown district. The next growth phase will emphasize attracting special units of higher education, advanced global research institutions and technology labs, as well as contain programming to build close relations between scientists, companies and startups.

 

 

 

Rochester Community Schools To sell Historical Administration Building

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Rochester Community Schools is selling a 4.43-acre parcel of land and a 133-year old historical building. The RCS Administration Building is a three-story structure that contains 89,716 square feet of gross building area. Purchase proposals must be submitted in writing by 5 p.m. on March 28. The original building was built in 1889. The last renovation of the building took place in 1988. A community committee studied options for the future of the building and its artifacts. The committee determined the process a prospective buyer will follow to bid on the property, and it’s also focused on identifying artifacts for preservation.

 

 

Union Street Space Listed for $7.5 Million

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Mario Kiezi, owner of the former Union Street Detroit restaurant and the Midtown Liquor & Deli store, has listed the property for $7.5 million. He has listed it with O’Connor Real Estate. He originally envisioned converting it into a grocery store. Those plans may still come to fruition as two regional grocers have recently toured the building. The two-story building is situated at Woodward Avenue at Willis Street. The first floor has had various commercial uses in the past, and the top floor has been empty since the 1960s when it was used for eight residences.

Novi Residents Protest Childcare Center

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A plan to transform an existing golf clubhouse in the northwest corner of the city into a learning center is facing stiff opposition from area neighborhoods. The learning center would accommodate between 125-175 children on a daily basis, exceeding the zoning allowance. Hundreds sent letters to the city opposing the project, and many attended the January 26 planning commission meeting. The plan would also convert the nine-hole golf course into open green space. Residents are concerned about traffic, especially during drop-off and pick-up times. The residential properties and the clubhouse share the same road connector. The attorney for the petitioner says the traffic will actually be less intensive than a bar, restaurant or golf course. Commissioners voted to recommend a denial to the city council.

 

 

 

 

 

Posh Storage Units Coming to Petoskey and Charlevoix

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Petoskey and Charlevoix are gaining new high-end and climate-controlled storage units. Developer Aston Clark is building the Toy Box Luxury Storage Units. The warehouses will be between U.S. 31, between Petoskey and Charlevoix. Each unit will have heat and air conditioning, a bathroom, a kitchen, loft  and balcony with views of the lake. The 2,300 square foot units will be available starting May 4.  According to the Michigan Self-Storage Association, the demand has gone up for storage in Northern Michigan.

Overtaxed Detroit Homeowners Wait for Reparations

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Over-assessed Detroit homeowners are waiting for compensation from the city. Between 2010 and 2016, the city of Detroit overtaxed homeowners by at least $600 million. Detroit City Council President and the Coalition for Property Tax Justice have set forth a tentative plan for compensation and restoration of residents’ dignity. The illegal overassessments led to 100,000 Detroiters losing their homes when they should not have. The state constitution states that property can not be assessed at more than 50% of its market value, and yet the city assessed 55%-85% of its property in violation of that law. There are four categories of residents that are eligible for compensation if they owned and occupied a home that was overtaxed between 2009 and 2020. Depending on the category residents fall under, a variety of compensation options are available to fit their individual needs.

 

 

 

 

Charlevoix’s New Ordinance Inhibits Blight

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Charlevoix City Council has approved a property maintenance code to address declining properties before they reach blight status. The international Property Maintenance Code Ordinance is designed to supplement the Dangerous Buildings Ordinance.  According to zoning administrator Jonathan Scheel, the city didn’t have any type of property maintenance code to prevent a building from becoming dilapidated. The new code will give the city the ability to intervene and require deteriorating structures to be corrected before they become unfixable issues.

 

 

Former GM Transmission Plant to be Redeveloped

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NorthPoint Development, the owner of the former General Motors Transmission plant in Warren has a $180 million plan to redevelop the site. The plan is expected to bring 1.4 million-square feet of new industrial space, as well as 600 jobs. According to Warren Mayor James Fouts, the development is a good idea for the city. The company will house multiple tenants on the site. It will make improvements to parking, green space and storm water management. Site jobs will pay at least $15 per hour. This project is just one of many that NorthPoint Development has underway in the Detroit area.

 

 

 

 

Agree Realty Corporation Portfolio Balloons

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When opportunity knocked, Agree Realty Corp. listened. The Bloomfield Hills-based real estate investment trust capitalized on the COVID-19 pandemic and has doubled its portfolio size and outgrown its recently-expanded headquarters. It will redevelop the former 50,000-square-foot Art Van Furniture Inc. store into a new base of operations. The company has focused on retail properties leased to investment-grade tenants. They’ve bought up properties with a diverse mix of tenants, strengthening their multi-faceted retail game. In less than 3 years, the company’s portfolio has increased from 660 to 1,404 properties across 47 states. Their growth is expected to continue in 2022.

Corned Beef Titan Takes on Eastern Market

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E.W. Grobbel Sons Inc. is opening Grobbel’s Gourmet Fresh Neighborhood Market and a Sy Ginsberg-branded Jewish-style deli at the home of the former Eastern Market Seafood Co. The company is a five generation, family-owned business with more than 130 year presence in Detroit. The 4,000-square-foot, mixed-use space spans from Market Street to Riopelle Street. The grocery store entrance will be on Market Street, and the deli access will be on Riopelle. The venture marks a partnership between Grobbel and FIRM Detroit real estate. The project will created between 20-30 full- and part-time positions for local residents.