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.

Deeply Affordable Housing Units Planned for Detroit

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Developers Cinnaire Solutions, Woodbridge Neighborhood Development Corp., CHN Housing Partners and Detroit Blight Busters will create nearly 200 new units for at-risk residents. The four new housing projects will created 183 affordable units for residents who earn 60 percent of the area median income ($42,960 for a family of two). The projects will also include 20 market-rate apartments. Old Redford, Midtown, Woodbridge and MorningSide neighborhoods are the site of the new units. They are funded, in part, by $38 million in Low-Income Housing Tax Credits from the state.

 

 

 

Ginosko Development Buys Apartments To Modernize and Preserve

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Michigan-based Ginosko Development has partnered with New York-based L+M Development Partners to purchase nine Michigan rental properties with more than 1,600 affordable apartments. They plan to modernize and preserve the low-cost units. The properties include 1,640 units in 115 buildings in Michigan. More than half are for seniors. Seven of the nine properties have contracts with the U.S. Department of Housing and Urban Development for Section 8 housing. Improvements to the interiors and exteriors of the buildings are planned, including bathroom and kitchen renovations, modernizing amenity areas, upgrading mechanical systems and improving landscaping.

 

 

Coyote Golf Club Facing Possible Residential Conversion

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The Coyote Gold Club in Lyon Township is under contract to be sold to SE Metro Property Services LLC of Birmingham. The 200-acre property would be converted into 107 townhomes valued at $400,000 and 203 single-family residences valued at $600,000.  The three-phase development would begin in the summer of 2024. The townhouses clustered in 26 buildings would be located on the northern edge of the property, and the single-family homes would be on the southern end. The golf course redevelopment would work its way through the municipal process over the next year or so with various planning commission and township board approvals.

Bankhole Thompson Calls Out Bedrock’s Tax Subsidy Grab

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According to Bankole Thompson, Detroit needs improvements that will impact the lives of its ordinary residents. The tax breaks for big companies are off the backs of ordinary citizens. Residential poverty still exists because of the lack of initiatives designed to make a difference. The city has given away huge tax subsidies to highly capitalized companies who don’t follow through with concrete plans. This is what’s creating the opposition to Dan Gilbert’s request for $60 million in tax breaks for the Hudson site project. Gilbert has the money to complete the project without a tax break from disenfranchised Detroiters. The author believes the heart of the issue is a civil rights issue. The jobs that are promised during the PR blitz for subsidies often do not materialize. The City Council should use the tax break Gilbert wants for more important quality of life issues.