Gilbert Family Foundation Pledges Money For Eviction Defense

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The Gilbert Family Foundation has pledged up to $13 million over three years to help renters avoid eviction in Detroit. This comes weeks after the city of Detroit passed an ordinance giving renters at risk of eviction the right to have an attorney represent them in their defense. The United Community Housing Coalition, Lakeshore Legal Aid and Michigan Legal Services will split the money evenly. The Detroit Eviction Defense Fund was created after the city committed $6 million in American Rescue Plan dollars to fund eviction defense. It is thought that Detroit’s population decline is occurring, in part, to the 30,000 Detroit households that face eviction each year.

Ilitch And Ross Release Detroit Center Renderings

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Stephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district.  The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation.  They expect to break ground on the project in 2023.

 

 

 

David Whitney Building Hotel Builds On And Rebrands

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The David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.

 

 

Detroit Metro Office Construction Costs Soar to Unprecedented Heights

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According to a new report from the Chicago-based brokerage JLL, the construction costs of new office space in metro Detroit has increased by double digits, in excess of 25 percent in some cases. This is in keeping with the trend across North America with costs increasing 22.9 percent year over year.  The trend includes a 25.4 percent increase in hard costs, 20.8 percent increase in soft costs, 22 percent increase in FF&E and a 12 percent increase in tenant factors. The increases are caused by spikes in material costs, supply chain disruptions and labor shortages. The rising construction costs are unprecedented.

 

Detroit Metro Area Rent Hikes Impact Wallets

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Young consumers and people of color continue to struggle with rent hikes. Housing costs is a component of measuring inflation. Last month, the shelter index rose at its fastest year-over-year pace since April 1991.  Rent increased 4.8% in April over the last 12 months. The U.S. inflation rate hit 8.5% in March over the last year. The rising costs for housing and shelter are worrisome, and rent is expected to be significantly higher in 2022.

 

City Officials Break Ground on 22-Acre Park

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City officials broke ground on the Ralph C. Wilson Centennial Park on Tuesday. The park is the last part of the Detroit Riverfront Conservancy’s revitalization plan. The $75 million investment will consist of 22 acres of playscapes and recreational spaces. A $40 million commitment from the Ralph C. Wilson Jr. Foundation kickstarted the 2018 plans for the park.  The DRC conducted a study to bring back the best features of nationwide parks to Detroit, and a community advisory team gathered input from Detroit residents

 

Park and Trail Projects Promise Increased Value and Developments

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The Ralph C. Wilson Jr. Centennial Park on the west Detroit riverfront will feature a bear slide, an otter slide, and a slide in the form of a beaver. The park will include swings, trails, a treehouse, a replica of Fort Wayne and an outdoor classroom. The park broke ground on Tuesday afternoon, a month after ground was broken on the Southwest Greenway, a trail being built to connect southwest Detroit neighborhoods to the riverfront. These amenities that come with these projects will help property values, based on many studies that show that the proximity of a public park increases a home’s value. They should also be a catalyst for development in the area.

Renaissance Center Faces More Loss

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Blue Cross Blue Shield of Michigan is vacating the RenCen and consolidating its Health Plan Business employees from that location into the high-rise it owns at 600 E. Lafayette Blvd. Last month, the complex lost Deloitte LLP, its third-largest tenant. At this time, the exact number of BCBSM employees the move impacts is unknown. BCBSM has stated that the move is a result of reintegrating remote workers back into the office environment. It holds a long-term lease through 2026.

 

 

Building Permit Issued For Former Joe Louis Arena Site

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A building permit has been issued for the planned apartment tower on the former Joe Louis Arena site.  A large office tower is also planned. Crews have been on the property since winter. The apartment building construction is expected to be complete within the next two years. There has been talk of building two hotels with about 750 rooms each.  A 20-story office tower of 150,000-300,00 square feet is planned for the northern portion of the property. The construction timelines for the office and hotel buildings is unknown. A building permit was issued Wednesday for the apartment tower planned for the former Joe Louis Arena site in downtown Detroit.

 

Metro Detroit’s Home Prices Highest in Decades

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Metro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.