Agree Realty Corporation Portfolio Balloons

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When opportunity knocked, Agree Realty Corp. listened. The Bloomfield Hills-based real estate investment trust capitalized on the COVID-19 pandemic and has doubled its portfolio size and outgrown its recently-expanded headquarters. It will redevelop the former 50,000-square-foot Art Van Furniture Inc. store into a new base of operations. The company has focused on retail properties leased to investment-grade tenants. They’ve bought up properties with a diverse mix of tenants, strengthening their multi-faceted retail game. In less than 3 years, the company’s portfolio has increased from 660 to 1,404 properties across 47 states. Their growth is expected to continue in 2022.

Corned Beef Titan Takes on Eastern Market

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E.W. Grobbel Sons Inc. is opening Grobbel’s Gourmet Fresh Neighborhood Market and a Sy Ginsberg-branded Jewish-style deli at the home of the former Eastern Market Seafood Co. The company is a five generation, family-owned business with more than 130 year presence in Detroit. The 4,000-square-foot, mixed-use space spans from Market Street to Riopelle Street. The grocery store entrance will be on Market Street, and the deli access will be on Riopelle. The venture marks a partnership between Grobbel and FIRM Detroit real estate. The project will created between 20-30 full- and part-time positions for local residents.

 

 

 

Fenton’s Red Fox Outfitters Building Proposed For Event Venue

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Applicants Chelsie Welch and Core Cunningham of Cruwood Granary have submitted a special land use permit to turn the Red Fox Outfitters building into a special event banquet facility. The Fenton Planning Commission will hold a public hearing on January 27 to consider the permit. If approved, the facility could host events for up to 200 people. The property is located at 234 N Leroy Street in Fenton in the central business district. It’s current use is listed as retail. The applicants are required to show how the plans support the master plan and maintain cohesiveness with the character of the vicinity.

Habitat for Humanity Awarded Grant Monies

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Michigan’s Habitat for Humanity received a $2 million federal grant. The grant will cover home repair needs for 160 low-income families. Grant funding comes from the U.S. Department of Housing and Urban Development’s Healthy Homes Production Grant Program. It’s part of $104 million plus awarded from HUD to 60 nonprofit organizations and government agencies.  With the addition of this grant, Habitat for Humanity will increase its current repair program by 50%.

City Ordinance Supports Construction of Accessory Dwelling Units

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Charlevoix’s city officials are searching for solutions to the area’s affordable housing shortage. Accessory dwelling units (ADUs) are small outbuildings that can be used for a variety of purposes, from guest apartments to home offices. At a January 10 meeting, Charlevoix’s planning commission  recommended approval of regulations that would make ADUs easier to build in residential areas. The ADUs increase property usage in residential districts, provide extra space for families, and allow space for multi-generational homes that support familial caretaking. They create income sources when they serve as rentals. The accessory units also increase property values.

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.

 

 

The Grand Hotel Owner Snaps up More Island Properties

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KSL Capital Group has purchased three boutique hotel properties and an adjacent restaurant on Mackinac Island for an undisclosed price. The properties include The Bicycle Street Inn, Waterfront Collection North, Waterfront Collection South, and Winchester’s Whiskey and Bourbon Room.  The sale included housing on the island and in St. Ignace for seasonal workers. KSL Capital Group also owns the Grand Hotel. The 3 hotel properties are in the heart of the downtown on the island. KSL Capital Group hopes to potentially provide more job security for seasonal workers who could have the opportunity to work on other properties owned by the group during Mackinac Island’s off-season.

 

 

Crate & Barrel Sister Brand is Coming to Birmingham

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CB2, a Crate & Barrel sister brand, has signed a lease for the vacant Panera spot at 100 N. Old Woodward Ave. The CB2 offshoot caters to customers looking for some “coolness” factor in their furniture. Crate & Barrel moved from its Somerset Collection location in Troy to Twelve Oaks Mall in Novi in 2020. CB2 is owned by the Boji Group. Serena & Lily, another furniture retailer is also moving to downtown Birmingham. Both stores are part of a the recent surge of retailers and restaurants to open or expand in downtown Birmingham in the last year.