Site Cleared For Ann Arbor Residential Development As Law Suit Continues

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A development planned for 91 acres of farmland north of Ann Arbor is moving forward, even though neighbors are suing the developer over a disputed piece of property. Chestnut Development LLC has plans for a 264-unit development south of Whitmore Lake. Builders are currently installing water, sewer and storm water infrastructure on the property. The plans include 56 single-family homes on individual lots and 208 multi-family attached units on 79 acres of property. The remaining acreage is slated for future commercial development. A neighboring couple has filed complaints that the developer has trespassed and destroyed their property. The lawsuit aims to determine ownership of the property that is partially on the developers lot. The residents are requesting the judge award title of the piece of property under adverse possession.

 

 

The Platform Buys Out HFZ

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Peter Cummings’ Detroit-based development firm, The Platform LLC, along with New York city-based Rheal Capital Managment LLC, has bought out the majority ownership interests of the  HFZ Capital group of the 28 story high-rise on West Grand Boulevard in Detroit’s New Center area. Terms of the deal have not been disclosed. According to Cummings, they plan to work on the building’s facade, as well as electrical, elevators, doors and upgrades to the parking garage. There were many local and out-of-state buyers who made serious offers, but Cummings was concerned about stewardship of the property, as well a capital. Instead, they ended up taking out HFZ, a move which allows for more flexibility as they move forward with the property.

 

Oakland County To Create Land Bank Authority

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Oakland County is creating a land bank authority. The land bank authority will support economic growth and community revitalization. According to the county’s treasurer, the creation of the authority will enable the county to address property vacancies, support new developments and return foreclosed properties to the tax rolls. The application process for board members will begin in mid-July, with hopes that the board will be up and running by mid-August.

Inflation Impacts Property Taxes With Highest Increase Since 2007

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Michigan homeowners can expect to see bigger than normal increases in their summer property tax bills. Thanks to this year’s inflation, many need to prepare for even bigger hikes next year. The inflation rate adjustment for this year’s property taxes is 3.3%, the highest it has been in 15 years. The rate is the maximum increase in taxable value that can apply this year to Michigan homes that haven’t changed ownership or seen additions to the property. The multiplier hasn’t been over 3% since 2007. Inflation’s impact on food and gas prices are obvious to consumers, but its impact on property taxes can be unexpected and somewhat hidden.

 

 

Rising Mortgage Rates Cool Detroit’s Housing Market

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Rising mortgage rats have calmed metro Detroit’s housing market this summer. Inventory continues to be tight and is inhibiting a more “normal” market. According to agents, many sellers are still getting multiple offers and selling above asking price, buyers have a bit more leverage can sometimes knock a listing’s price down a bit. There has been a slight increase in the number of listings, but the number is still lower than what is needed. Bidding wars still occur, but are happening at somewhat lower prices than before.  Increasing mortgage rates are impacting buyer’s budgets. Last year, a 30-year, fixed mortgage was 2.9%. Last week the average was 5.7%. That adds more than $300 to monthly mortgage payments.

Perrigo Hosts Grand Opening At New North American Headquarters

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Perrigo, the Dublin-based producer of self-care products, hosted a grand opening sneak peak of its new North American Corporate headquarters in downtown Grand Rapids. The ceremony included its project partners, Grand Rapids Mayor Rosalynn Bliss  and The Right Place President and CEO Randy Thelen. Located at MSU’s Grand Rapids Innovation Park, the project began construction in April 2021.  The $45 million investment was completed by Health Innovation Partners.

 

Michigan-Based Development Firm Acquires Affordable Housing Portfolio

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The Michigan minority- and woman-owned development firm, Ginosko Development Company, along with New York-based L+M Development Partners, has secured a nine-property portfolio in Michigan that includes 1,640 units.  One of the portfolio’s properties includes Coventry Woods, a West Michigan senior apartment complex. The rest of the portfolio properties are in Detroit, Saginaw, Pontiac, Canton, Center Line and Monroe. Over half the units are for seniors. Seven of the nine properties have Department of Housing and Urban Development Section 8 contracts, and two are restricted to households at or below 60% area median income.

 

Ross Snags $100 Million for DCI Project

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Stephen Ross has acquired a $100 million in the state’s next budget for The Detroit Center for Innovation.  The Detroit native is the developer of the project. He previously committed to donating $100 million for the center to be built. With the budget deal being finalized, the center will have $200 million of its predicted $250 million price tag. Ross’ company will construct the center and donate it to the University of Michigan. The 200,000-square-foot building will be part of a three-building campus located on Ilitch-owned land and parking lots west of the Fox Theatre in Detroit.

Rochester’s Royal Park Hotel Sells

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Memphis-based Fairwood Capital LLC has purchased the Royal Park Hotel in downtown Rochester. The hotel is located at 600 E. University Dr.  and will be run by Pivot Hotels & Resorts, the same company that manages the Grand Hotel on Mackinac Island. The hotel has 142 rooms and more that 20,000 spare feet of event and meeting space, as well as the Park 600 restaurant.

 

Sugar Loaf Demolition Completed But Cloaked in Mystery

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Speculation among community residents runs rampant as the new owners of the blighted Sugar Loaf ski lodge complex make good on their promise.  A fence rims the demolition site that is now the staging area for work crews who are crushing the remaining asphalt and making topsoil runs up to the top of what was once the ski hill. Residents are curious about what’s next, but anyone who is in the know isn’t talking. The property was purchased in late 2021 by SPV 45 LLC who said it would remove the blighted buildings and clean up the property.  A real estate advisor for the owners recently attended the annual meeting for townhouse owners who asked many questions. Unfortunately, they didn’t get any answers about the future.