New construction of multifamily properties jumped 28 percent in August. bringing the market’s multifamily segment to its highest level since 1986. The jump is due to rising mortgage rates. Single-family home construction also increased slightly in August after a two-year low. Borrowing costs have doubled since late 2020 due to interest-rate hikes designed to tame […]
Huntington Bank held its grand opening of its new 20-story glass-clad Huntington Tower. Neumann/Smith Architecture designed the building which is located at 2025 Woodward Ave. The property houses Huntington’s commercial banking operations. Half of the tower is for indoor parking, with the top 9 floors mostly filled with offices. The ground floor includes a lobby […]
The Downtown Development Authority board signed off on a proposal for a new $190.5 million hotel south of Little Caesars Arena. Plans for the hotel have been in the works for a while. The hotel would be 14 stories tall with 290 rooms. The Ilitch family and developer Stephen Ross submitted the development plan. Together, […]
Bed Bath & Beyond Inc. is closing five Michigan locations, as part of a 150-store closing and liquidation plan. Many of the closings are occurring in the upper MIdwest, New York and New Jersey. The changes, along with job cuts for 20% of its workforce, will slash costs. The company has a new $500 million […]
A $104 million federal grant, an allotment that’s part of $1.5 billion from the infrastructure for Rebuilding competitive grant program, will allow the I-375 Interstate project to begin two years early. The state will replace the 1-mile sunken freeway that connects I-75 to Jefferson Avenue with a wide street. Michigan had asked for $180 million, […]
The Big Red Orchard in Washington Township is on its way out. The site includes 11 buildings-a main barn, a market, a pair of residences, a retail shop, a cold storage building, a feed bar and a garage. Owner Ryan Moore is auctioning off the farm equipment and selling the property in November. Four years […]
For the first time in a decade, the majority of Detroit residents are home owners, according to new Census data. Data from the American Community Survey shows a large increase in the number of vacant units in the city. Detroit’s homeownership peak was in 1970 when 60 percent of the city’s residents were homeowners. Thirty […]
The city of Detroit is using desktop appraisals to determine property values. Desktop appraisals involve looking at aerial photos of properties and information gathered from parcel maps, deeds and permits, in stead of going to look at it in person. They are a quicker way of keeping up with about 71,000 residential parcels that need […]
Multiple projects in West Michigan have received almost $19 million in placemaking and real estate rehab grants from the state. The Right Place, the city of Grand Rapids and city of Muskegon were awarded $18,991,166. Twenty-two grants totaling $83.8 million were approved by the Michigan Strategic Fund board. The grants are part of the Revitalization […]
The city of Ann Arbor recently voted to remove all minimum off-street parking requirements. Detroit is reviewing its zoning code, possibly implementing new rules regarding how many parking spaces are needed for uses like housing, retail and industrial. Both examples are part of a growing trend in Michigan and around the U.S. as cities rethink […]
