There has been big movement in office space leasing. The Bank of America building in Troy will no longer house the Bank of America! Deloitte consulting firm confirmed its plans to leave the Renaissance Center. GM’s COVID-era “work appropriately” policy has contributed to the Ren Cen’s quieter-than-usual atmosphere. With Deloitte’s departure, the Renaissance Center will […]
The demolition of the former J.L. Hudson Company department store began this week. Facebook posts show the Harper Woods site in the closed Eastland Shopping Center. Large excavators have removed the outer walls and exposed three stores of the department store and mall. NorthPoint Development purchased the property in 2021. The mall closed in early […]
Fernando Palazuelo, owner of the Packard Plant, missed a court deadline on Thursday. He needed to apply for a demolition permit to allow the city of Detroit to demo the property and bill him for it. The city is considering its next steps. Wayne County Circuit Judge Brian Sullivan declared the Packard Plant a public […]
Detroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating […]
High rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that […]
U.S. developers are embracing the office-to-housing conversion trend. Between 2020 and 2021, 32,000 new apartment units were created by converting existing building spaces that had been used for other purposes. Forty-one percent were former office buildings. In the last year, Grand Rapids has approved zoning changes that allowed commercial building owners to convert first-floor retail […]
A lack of affordable housing in northern Michigan is cramping the style of northern Michigan’s businesses. Short’s Brewing Company needs to hire summer workers, but future employees have nowhere to live. In a creative problem-solving move, the brewery bought the Bellaire Inn and is converting and updating the 26 units as space for its incoming […]
The Coalition for Property Tax Justice released a report outlining a series of ideas for ways the city could compensate overtaxed homeowners. It included survey results from more than 200 Detroiters. Ideas included property tax credits, Section 8 rental vouchers, home repair grants, Detroit Land Bank Authority’s rehabbed homes, and as-is Land Bank homes paired […]
Sources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its […]
Rising mortgage rates are not dampening buyer demand. However, getting an offer accepted is no small feat. The rising mortgage rates haven’t brought down prices yet. Buyers could be feeling a sense of urgency to find a home before rates increase further.
