Michigan-Based Development Firm Acquires Affordable Housing Portfolio

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The Michigan minority- and woman-owned development firm, Ginosko Development Company, along with New York-based L+M Development Partners, has secured a nine-property portfolio in Michigan that includes 1,640 units.  One of the portfolio’s properties includes Coventry Woods, a West Michigan senior apartment complex. The rest of the portfolio properties are in Detroit, Saginaw, Pontiac, Canton, Center Line and Monroe. Over half the units are for seniors. Seven of the nine properties have Department of Housing and Urban Development Section 8 contracts, and two are restricted to households at or below 60% area median income.

 

Pharmaceutical Company Rises in Grand Rapids

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Perrigo, the private label over-the-counter pharmaceutical company, is opening its new North American headquarters in Grand Rapids. The company chose Grand Rapids over Chicago and Miami in hopes of benefitting by joining other health care-focused companies and research facilities in the Grand Rapids area. West Michigan is home to 60,000 health science jobs, 428 health science companies and 83 medical device manufacturers.  This concentration has impacted the community, with doctorate-level jobs at six-figure salaries.

Grand Rapids College Negotiates For New Public Safety Training Site

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Grand Rapids Community College is eyeballing 47 acres on which to build a major public safety training facility. The GRCC board of trustees is negotiating for property near the corner of Bristol Avenue and Three Mile Road in Walker.  GRCC had looked at a number of sites in and around Grand Rapids before setting its focus on the Walker property. GRCC staff is excited by the prospect of bringing additional training and continuing education to its students and those already in the public safety career field.

 

Adaptive Real Estate Trend Is On The Rise

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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 into residential space.  Other cities leading the adaptive real estate trend include Washington, D.C., Chicago, Los Angeles, and Cleveland.  Last year was the biggest year on record for adaptive real estate.

 

 

Utility Companies Seek Land For Solar Farms

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Michigan utility companies are securing real estate to expand their solar energy generation capabilities as consumer demand accelerates. DTE Energy Co. needs 20,000 to 35,000 acres of southern-facing flat land to erect solar arrays over the next 10-15 years. Consumers Energy Co. currently generates 40 megawatts of electricity from solar and plans to be at 8,000 megawatts by 2040. That will require between 40,000-56,000 acres of land. Customer demand and land usage is a balancing act that Lansing policymakers haven’t yet addressed. Industry leaders anticipate some community resistance.

 

 

28th Street Mega Mall Site Repurposed as B2 Bargain Bin

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The 28th Street Mega Mall site will once again welcome customers. B2 Outlet stores has transformed the site into a B2 Bargain Bins location. They’ve updated the 76,000-square-foot space to include new walls, restrooms and polished concrete floors. The new store will open on Tuesday.  The concept of B2 Bargain Bins is different than the company’s traditional outlet stores. Prices start at $6 on Tuesday and fall each day until everything sells. The store is closed on Sunday and Monday for restocking.

 

 

Old GM Stamping Plant Site Purchased By Real Estate Developer

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Franklin Partners has purchased the old GM stamping plant site in Wyoming. The real estate development firm plans to use the 74-acre site for industrial development. The manufacturing plants will range in size from 150,000 to 1 million square feet.  They purchased the site from the city of Wyoming for $5.25 million. According to Wyoming City Manager, Curtis Holt, the property has tremendous potential for manufacturers.

Classic Transportation & Warehousing Plans Expansion

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Classic Transportation & Warehousing is construction a new 172,000-square-foot warehouse and third-party logistics facility near Wayland.  The employee-owned firm will spend over $8.4 million. The move is expected to create 6-12 jobs. Leighton Township supports the project and has approved a 12-year industrial facilities tax exemption. Rod Cooper, president and CEO of the company, said the company’s employee owners are pleased with the expansion.

 

Michigan’s Rental Aid is Backlogged as Need Continues Rise

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173,000 tenants have applied for the statewide rent aid program that was launched to help renters avoid eviction and meet their payments. Wayne County makes up about one-third of the applicants. Detroiters make up 22% of the rent help applicants. According to the chief operating officer of the Wayne Metropolitan Community Action Agency, they continue to see high numbers of requests for support. The Census Bureau’s Household Pulse Survey reports that between Dec. 1 and Dec. 13,  more than 100,000 Michiganders said they were behind on rent or mortgage payments. Less than half of the applications for assistance were approved as of January 7. Statewide, wait time between application and approval averages 35 to 40 days. In Wayne County, that wait time may take as long as 10 weeks. MSHDA has hired staff combat the backlog and high numbers of applications in Wayne County

Car Wash Manufacturer to Build New Headquarters

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Car wash manufacturer, Tommy Car Wash Systems, is building a new headquarters and manufacturing facility in Holland. The $32.6 million facility will centralize the company’s operations. The expansion site has sat vacant for more than 20 years. The 245,000 square-foot building will house production space, an assembly area, office space and a demonstration center. The project promises to create or preserve 300 new full-time equivalent jobs. The federal New Markets Tax Credit program will enable Tommy Car Wash Systems to provide advancement opportunities with lower levels of education.  Michigan Community Capital, Old National Bank, and Cinnaire are investors in the project. The project should be complete by the summer of 2023.