Hotels are experiencing a revival of leisure travel. This May marked the third consecutive month that U.S. hotel profitability exceeded 2019 levels. However, business travel isn’t rebounding as quickly and isn’t expected to reach pre-pandemic levels until 2024. Detroit and Cincinnati’s markets are experiencing losses close to 23 percent. Larger cities like New York City […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
