Downtown Detroit’s Office Workers Slow To Return

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Although downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic.  In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%.  Some employers are gradually bringing employees back to the office.

 

 

Spring Homebuying Season Accelerates

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The metro Detroit housing market is off and running in the spring homebuying season. Redfin is reporting that almost 3/4 of homes on the market in metro Detroit are receiving multiple offers. Buyers are offering well above list price, free occupancy for sellers who are waiting for their next home purchase, and appraisal guarantees. Some are even paying closing costs. First-time home buyers and those financed with government-backed loans are at a disadvantage.

 

28th Street Mega Mall Site Repurposed as B2 Bargain Bin

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The 28th Street Mega Mall site will once again welcome customers. B2 Outlet stores has transformed the site into a B2 Bargain Bins location. They’ve updated the 76,000-square-foot space to include new walls, restrooms and polished concrete floors. The new store will open on Tuesday.  The concept of B2 Bargain Bins is different than the company’s traditional outlet stores. Prices start at $6 on Tuesday and fall each day until everything sells. The store is closed on Sunday and Monday for restocking.

 

 

Madewell Retailer To Close in Downtown Detroit

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Women’s apparel retailer Madewell is permanently closing its story in downtown Detroit. The 1426 Woodward Avenue location will close on March 27.  Madewell is a brand owned by J. Crew Group, which underwent a Chapter 11 reorganization bankruptcy in May 2020.  After the Detroit store closes, Madeell will still have three locations in Michigan, including one at the Somerset Collection in Troy.

The Detroit Land Bank Authority Expects to Sell Remaining Properties by 2023

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The Detroit Land Bank Authority expects to sell most of its structures by the end of 2023.  The DLBA is responsible for selling vacant homes and lots in the city.  Their focus moving forward will adapt to vacant land sales with the mission to return blighted and vacant properties to productive use.  The Land Bank officials asked the city for $11 million from the general fund for the 2023 fiscal year in order to maintain operations and properties that could be put up for sale.  The DLBA expects to list 5,400 salvageable properties by the end of next year, but needs the money to maintain the properties.

 

Metro Detroit Celebrates It First New Department Store In a Decade

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Bucking the trend of department store closings, the first department store grand opening was celebrated this weekend. It is the first in more than a decade. Von Maur’s new store at The Village of Rochester Hills officially opened this weekend. It is the retailer’s first new store since 2008. The new Von Maur store is located at 400 N. Adams Road.

KSL Capital Partners Expands Its Mackinac Island Profile

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KSL Capital Partners  purchased Mackinac Island’s Grand Hotel more than two years ago and is expanding its Mackinac Island footprint. It now owns Bicycle Street Inn and Suites, a collection of 3 boutique hotels on Main Street. They also hold Waterfront North and Waterfront South and the restaurant, Winchester’s Whiskey and Bourbon Room.

 

Abandoned Fisher Body Plant To Be Redeveloped

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The Fisher Body Plant No. 21 in Detroit will be repurposed into more than 400 apartments and will include retail space.  Fisher 21 Lofts is a $134 million project that will be up for site approvals later this spring. Redevelopment could start late next year and be completed by 2025. The project would include 433 for-rent apartments. Twenty percent of those would be set aside for below-market rents. It would also include 28,000 square feet of commercial and retail space and 15,000 square feet of co-working space.  The former auto body factory has been abandoned for 30 years.

 

Oakland Mall Sale Expected To Close This Month

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Mario Kiezi, a Troy-based real estate investor and developer, is under contract to purchased Oakland Mall for an undisclosed price. Kiezi’s plans for the mall are unknown.  Letters have been sent to the mall’s tenants informing them of the pending ownership change. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels, and Planet Fitness. Once the sale finalizes, it will be the second suburban mall to sell in March. The sale of Fairlane Town Center is also expected to be finalized this month.

 

Detroit’s Retail Scene Is Transforming

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There has been an almost 11 percent increase in the amount of retail space in the five-county area over the last 15 years. Despite the redevelopments of shopping centers and malls and the bankruptcies of big retailers like Neiman Marcus and JCPenney, the region has added 25.5 million square feet of retail space. Retail has adapted from brick-and-mortar stores to fulfillment centers, and food-related and experience-related establishments. The growth in retail space and the increase in overall spending are contributing to retail’s successful adaptation.