Rent And Occupancy Rates Are on The Rise in Metro Detroit

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Apartments are a hot commodity in Detroit with supply falling short of demand. Rent costs and occupancy rates in the metro area are increasing. According to the Detroit Multifamily Real Estate Figures, occupancy rate is at 96 percent for multifamily residences in Detroit.  The asking rental rate per square foot has increased from $1.64 to $1.72 over the last six quarters. Supply and demand issues, as well as new developments and redevelopment of existing property, are impacting rental rates. Suburban rental rates follow a similar pattern.

 

Rochester Hills Robotics Company Plans $86 Million Expansion

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Fanuc, the Rochester Hills-based manufacturer of robotics, is planning an $86 million expansion. Within the last week, they’ve purchased the former Thomas M. Colley Law School campus for $18 million.  The purchase included the former law school building and an adjacent 67 acres. The company is planning a 655,000-square-foot plant on the acreage. The company currently employs 1,200 in Michigan; this expansion will add another 100 workers. The new purchase follows on the heels of the company’s 461,000-square-foot North Campus in Auburn Hills in October 2019.

 

Ann Arbor Planning Commission To Hold Hearings On New Proposals

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The Ann Arbor Planning Commission will hold public hearings on three new development proposals on Wednesday, August 3 at 7:00 p.m. The projects include a four-story residential building with 185 new housing units, the reimagining of The George mixed-use apartment and retail complex, and a special-exception use proposal for a childcare center. The new housing units would redevelop the University Inn site. The reimagining of The George would convert 23,462 square feet of ground floor retail space to 42 residential units. The proposal for the childcare center would repurpose an existing building at 1301 Morningside Drive in northwest Ann Arbor.

 

 

 

New Nonprofit To Support The Joe Louis Greenway

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Detroit’s new Joe Louis Greenway Partnership is a new nonprofit conservancy that supports the 30-mile-long Joe Louis Greenway. The conservancy will connect residents in Detroit, Hamtramck, Highland Park and Dearborn to the Detroit River. The Joe Louis Greenway Partnership will help with fundraising, care of the path, programming and community outreach. The nonprofit was incorporated with the state in January. Once it’s approved by the IRS, the conservancy’s nonprofit status will allow it seek more philanthropic support.