Detroit’s new fulfillment center opening will be delayed until next year. The 3.8 million-square-foot fulfillment center was originally scheduled to be open by spring of 2022. It’s being built on the city’s old Michigan State Fairgrounds on Woodward near Eight Mile. Developers faced backlash from community members who expressed concerns about hiring locally and environmental […]
Following two hours of discussion, the Sterling Heights City Council approved a redevelopment plan that will raze Lakeside Mall. The proposed Lakeside Town Center project will include 150,000 new square feet of retail and dining space. Miami-based Out of the Box Ventures will tear down the shopping center and replace it with more than 2,800 […]
The Southland Center shopping mall is struggling. According to New York City-based Trepp LLC, the shopping mall is underwater on its commercial mortgage-backed securities debt (CMBS). The mall was appraised for $66.9 million in September after it went into special servicing. It owes $64.5 million on its 2012 $78.75 million Barclay’s loan. Rialto Capital Advisors […]
Rising interest rates are having a big effect in Southeast Michigan. According to Freddie Mac, the 30-year fixed mortgage rate is higher than 7%. This surge hasn’t been seen since April 2002. The U.S. Federal Reserve is hiking rates in order to control inflation. Detroit-based Rocket Mortgage parent company Rocket Companies Inc. will soon be […]
The State Court Administrative Office has proposed new rules that would affect eviction cases. The proposal includes an option for online pretrial hearings in eviction cases, a tenant requirement to give landlords 48-hour notice if a jury trial is desired, a requirement that tenants be served in person if the landlord wants an immediate default […]
The planned Costco Business Center in Southfield is one step closer to happening. Southfield City Council approved Contour Companies LLC’s sale of the property at the southwest corner of the former Northland Center site. When complete, it will be Michigan’s first Costco Business Center. The center would be geared toward small businesses, restaurants and the […]
It is expected that Sterling Heights City Council will vote on Tuesday on Lionheart Capital’s “Lakeside City Center” proposal for the Lakeside Mall. The mixed-used development plan includes residences, parks, a hotel and office space, and retail and dining space. The Miami developer says the project could provide an estimated $1 billion to the region […]
Detroit developer, Sturgeon Bay Partners is revamping its plan for a huge apartment complex southwest of downtown Grand Rapids. The previously announced plan was to convert the historic Sligh Furniture property into a mixed-use development with residential, retail and commercial spaces. The project’s current price tag is at $100 million due to rising construction costs […]
The S&P 500 bounced back from the 2022 lows. The 10-year U.S. Treasury bonds yield hit 4.337% on Friday. Following a Wall Street Journal report that some Federal Reserve officials are uneasy with the pace of the central bank’s interest rate increases, treasury yields slid down to close out the week. The Mortgage Bankers Association […]
With rising interest rates, the fast and furious pandemic-era housing market has slowed. Metro Detroit home buyers have time to make thoughtful choices. Homes are sitting longer, and buyers are able to take time with inspections and decisions. Buyers’ questions have shifted from “How many offers?” to “Can we get a better deal on this […]
