Redico Purchases One North Main Building in Ann Arbor.

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Redico LLC has purchased the One North Main office building in downtown Ann Arbor, to the tune of $25.3 million.  Redico will renovate the 115,000-square-foot building by improving common areas, elevators and offices.  The University of Michigan and law firms Varnum LLP and Miller Canfield are the  primary tenants in the building. The building is currently 75 percent leased.  Redico is also developing a 167-unit apartment community and a 156-acre mixed-use development in Ann Arbor.

 

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.

 

 

Star Southfield Theater To Be Repurposed

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The Triumph Church is expecting to repurpose the shuttered Star Southfield movie theater into a new campus. The site will include a worship center, a children’s area, a student area and a community space. The church site will also provide assistance with transportation, medical, financial and rental assistance, employment skills training, a pregnancy center and counseling center.  Converting movie theater sites is often difficult due to their sloped floors and layout. The plan includes a 1,600-seat worship center, a 350-seat chapel, and a fellowship hall in the main lobby area.  In other areas of the country, repurposing of theaters has taken on many forms like medical offices, a department of motor vehicles and self-storage.

 

 

Birmingham’s Downtown Transformation Continues

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Birmingham’s downtown transformation continues with the four-story building planned at 294 E. Brown. Part of the development will house a new, multi-story RH showroom. The building with include office and residential space, underground parking, and rooftop use that will include a pool. The Birmingham planning board reviewed and recommended the final site plan for approval at its April 27 meeting. Some residents are concerned about the development’s spread into their residential neighborhood.

 

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.

 

Townhouse Plymouth Township Development Approved by Trustees

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On April 26, the Plymouth Township Board of Trustees voted 4-2 to approve the Toll Brothers’ and Pomeroy Living’s Plymouth Walk planned 369-unit townhouse/apartment development, despite the concerns of residents.  Neighbors expressed concerns about increased traffic issues in the area and the elimination of green space.  The developers agreed to spend $1.8 million to pave the dirt roads and add sidewalks to the Eastlawn subdivision north of the development.  That willingness swayed the decision of at least two of the trustees.

 

 

Buick City Site Development To Create Thousands of Jobs

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A possible development for the Flint’s former Buick City site could be a game changer for the city, potentially creating thousands of jobs. Real estate developer Ashely Capital has the site under contract. The $300 million construction plans are dependent on financing environmental remediation for the site. The funding gap is $15-$20 million. The city of Flint is working with the state and county to come up with the needed funding. If the deal is finalized, construction could start as early as next year.

 

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.