Metro Detroit’s 2022 Commercial Real Estate Update Impresses

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In the past year, the Ilitch family and billionaire development mogul Stephen Ross announced their partnership to build the Detroit Center for Innovation. Since then, no construction has started. Whether or not the plans come to fruition is up in the air. There are currently 10 projects in the works outside of the DCI. They include business incubator space, new office and residential towers, and hotel space. Altogether, $1.5 billion in projects are waiting in the wings. That figure doesn’t include the DCI which would cost $250 million, funded in part with a $100 million earmarked in the state budget.

 

Gilbert Trades Out Brokerage Firms On Hudson’s Project

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Billionaire Dan Gilbert has hired the local office of New York City-based brokerage house Newmark to attract tenants to the new office space he’s building at Woodward and East Grand River avenues. The move marks a switch from the brokerage he had retained previously. The $1.4 billion Hudson’s site project is probably the highest and largest profile in the city, as of late. The market for office space has taken a beating because of the COVID-19 pandemic, pummeling sites like the Renaissance Center, Meridian Health and Compuware Corporation. The leasing of Gilbert’s 400,000 square feet of new build office space faces a challenging market.

 

Kent County Housing Snags Millions In American Rescue Plan Funds

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Kent County housing is in line for almost $20 million by way of American Rescue Plan funds. The Kent County Revolving Housing Fund will receive $17.3 million, and an additional $500,000 is allotted to Housing Kent for the Kent County Equitable Housing Initiative. The funds represent one of the most significant investments in affordable housing by West Michigan local government. The funds will support new and rehabilitation projects with lower interest rates, allowing the community to leverage $3.30 for every dollar invested. The Kent County Equitable Housing Initiative will help with changes to local zoning.

 

Petoskey Home Projects Step Toward More Affordable Housing

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Northern Homes Community Development Corporation began construction on two homes near downtown Petoskey. The projects received funding from Charlevoix State Bank and the Federal Home Loan Bank of Indianapolis. According to Northern Homes Executive Director Jane Mackenzie, making the homes affordable for local residents is a tricky endeavor. Households earning less than 80% of the area median income with a family of four will be able to purchase the homes. The properties are part of the Northern Homes Community Land Trust program.

 

Washtenaw County Purchases Conservation Property

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Washtenaw County’s Parks and Recreation Commission closed on the purchase of  the Maisel property in Northfield Township on December 1. The purchase increases the county’s system of parks and nature preserves by about 220 acres. The $1.44-million conservation purchase will become one of the largest publicly accessible sites in the Ann Arbor area. Ann Arbor’s greenbelt program covered the majority of the purchase price. The land won’t be open to the public immediately, as the park staff determines trail layout and parking access and demands. Kiosks and trail maps also need to be installed. The large size of the park will offer core habitat for wildlife.

 

 

West Bloomfield Township Board of Trustees Denies Controversial Proposal

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The West Bloomfield Township Board of Trustees has denied the controversial proposal to rezone a location known as The Corners property from single-family residential status to a planned development district. The property is located at 2075 Walnut Lake Road on the site of the former Walnut Lake Elementary. The school closed in the mid 90s and was transformed into a multipurpose building. The proposal to rezone met with opposition because it includes a baseball diamond, a playfield and mature trees. The proposal would have enabled the property to be redeveloped into a 101-unit townhome community.

Detroit’s Yorba Hotel Is On The Market

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Detroit’s Hotel Yorba is back on the market at a reduced price. Located at 4020 W. Lafayette Blvd.,  in the city’s Hubbard Farms neighborhood, The historic hotel’s purchase price was reduced from $3.3 million to $2.95 million. The four-story building has around 250 hotel rooms with common bathrooms on each floor. The property is owned by Gerald Jankowski. The hotel opened in 1926 and was designed by Detroit architecture firm Pollmar & Ropes.

 

Bedrock LLC Adds Hotel To Its Portfolio

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Dan Gilbert’s Bedrock LLC has purchased the Roberts Riverwalk Hotel at 1000 River Place Dr. The property is the newest splurge in the company’s $80 million shopping spree on Detroit’s riverfront. Bedrock began collecting property along the east Detroit riverfront during the pandemic. The company owns almost 1 million square feet of office space, about 1,600 parking spaces and ore than 40 acres of land in addition to the new hotel purchase. The hotel’s purchase price is undisclosed. Dan Gilbert’s $80 million-plus spending spree on the east Detroit riverfront continues.

Emagine Is Moving To Walsh College Troy Site

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.Emagine Entertainment Inc. is moving its headquarters to the Walsh College campus in Troy. The company has leased the second floor of the college’s facility for three years. The building includes an on-site gym, showers, and conference space. Emagine’s Chariman Paul Glantz hopes the amenities will entice workers to come back tot he office. Emagine has hired several Walsh interns and graduates and hopes the new environment will lead to finding and hiring more talent. The company will make the move in January.

 

Ann Arbor Attempts To Smooth Building Process For Developers

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Real Estate developers have complained for years about Ann Arbor’s many requirements and layers of review and approval for building projects. Some have stated that they’ll never do business in the city again because it’s easier and less costly to build new housing in other places. Ann Arbor officials are trying to right that wrong. The City Council voted to shorten the approval process. Projects that meet the city’s zoning requirements will not have to go through council. Instead, they’ll be reviewed and approved by city staff and the Planning Commission. City leaders are discussing more steps to smooth the process as the city tries to attract high-density development along transit corridors.