Downtown Detroit’s Office Workers Slow To Return

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Although downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic.  In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%.  Some employers are gradually bringing employees back to the office.

 

 

Madewell Retailer To Close in Downtown Detroit

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Women’s apparel retailer Madewell is permanently closing its story in downtown Detroit. The 1426 Woodward Avenue location will close on March 27.  Madewell is a brand owned by J. Crew Group, which underwent a Chapter 11 reorganization bankruptcy in May 2020.  After the Detroit store closes, Madeell will still have three locations in Michigan, including one at the Somerset Collection in Troy.

The Detroit Land Bank Authority Expects to Sell Remaining Properties by 2023

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The Detroit Land Bank Authority expects to sell most of its structures by the end of 2023.  The DLBA is responsible for selling vacant homes and lots in the city.  Their focus moving forward will adapt to vacant land sales with the mission to return blighted and vacant properties to productive use.  The Land Bank officials asked the city for $11 million from the general fund for the 2023 fiscal year in order to maintain operations and properties that could be put up for sale.  The DLBA expects to list 5,400 salvageable properties by the end of next year, but needs the money to maintain the properties.

 

Metro Detroit Celebrates It First New Department Store In a Decade

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Bucking the trend of department store closings, the first department store grand opening was celebrated this weekend. It is the first in more than a decade. Von Maur’s new store at The Village of Rochester Hills officially opened this weekend. It is the retailer’s first new store since 2008. The new Von Maur store is located at 400 N. Adams Road.

Abandoned Fisher Body Plant To Be Redeveloped

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The Fisher Body Plant No. 21 in Detroit will be repurposed into more than 400 apartments and will include retail space.  Fisher 21 Lofts is a $134 million project that will be up for site approvals later this spring. Redevelopment could start late next year and be completed by 2025. The project would include 433 for-rent apartments. Twenty percent of those would be set aside for below-market rents. It would also include 28,000 square feet of commercial and retail space and 15,000 square feet of co-working space.  The former auto body factory has been abandoned for 30 years.

 

Detroit’s Retail Scene Is Transforming

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There has been an almost 11 percent increase in the amount of retail space in the five-county area over the last 15 years. Despite the redevelopments of shopping centers and malls and the bankruptcies of big retailers like Neiman Marcus and JCPenney, the region has added 25.5 million square feet of retail space. Retail has adapted from brick-and-mortar stores to fulfillment centers, and food-related and experience-related establishments. The growth in retail space and the increase in overall spending are contributing to retail’s successful adaptation.

 

 

Woodward West Nears Completion

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Construction crews continue to make steady progress on Woodward West, the five-story apartment building in Midtown Detroit. The residential and retail development has already started pre-leasing and should be completed this summer.  The development will add 204 apartments and 25,000 square-feet of retail space to the Midtown community. The first floor will consist of retail space.

Nonprofit Partnership Plans New Multifamily Housing

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CHN Housing Partners, a Cleveland-based nonprofit, is partnering with nonprofit Detroit Blight Busters to build new multifamily housing by Detroit’s Old Redford Neighborhood. The two nonprofits were approved to rezone the property for the project, but still need site plan approval from the city. They plan to build 48 one- to three-bedroom rental units. A “Kid’s Camp” will also be constructed for Blight Busters programs on youth fitness and nutrition. Construction is expected to start in 2023.

 

 

Bedrock LLC Snags The Largest CMBS Loan In Detroit’s History

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Bedrock LLC has refinanced 14 properties with a $430 million CMBS loan. It is the largest-ever commercial mortgage securities loan in Detroit’s history. The new seven-year loan will mature in January 2029. The portfolio has seven office buildings totaling 2.5 million square feet, five parking decks with over 5,000 spaces and two multifamily properties. The fact that the loan was issued during a global pandemic when workers are continuing to work from home speaks to the confidence of the lenders. The portfolio’s office stock and parking deck revenue are both impacted by the work-from-home trend.

 

 

Vacant Detroit Homes Rehabbed and Reoccupied

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Thousands of once-vacant Detroit homes have been rehabbed and reoccupied over the last two years. U.S. Postal Service data shows that more than 9,000 Detroit residences that were vacant in January 2020 are now occupied.  With about 4,000 once-occupied homes that are now vacant, the net increase in occupied housing is more than 6,000. The postal service data looks at whole residences, not individual units. The data shows a healthy housing market. The newly occupied properties are scattered around the city, not located in any one part.