Strings Attached to Development of Northville Downs Property

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Hunter Pasteur Homes’ request for planned unit development eligibility for the Northville Downs property was approved by the Northville Planning Commission. The redevelopment presentation was heavily scrutinized during the almost 5-hour meeting. However, the approval comes with attached strings. The developer must submit a current traffic study, provide values of benefits, the funding it is committed to cover, and the funding requested by the city for public benefits. The segregation of residential uses and the addition of a farmers market as a public benefit must also be addressed by Hunter Pasteur Homes. Planning commissioners approved the eligibility with a 7-1 vote.

 

 

Joe Louis Arena’s Redevelopment to Include Residential High-Rise

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A conceptual plan that was submitted to the city of Detroit in July envisions a 24-story, 290-foot residential high-rise as part of the former Joe Louis Arena’s redevelopment.  According to the Sterling Group, the tower would tentatively be named The Louis and house 500 studio and one-bedroom units. Other possible uses in addition to the residential building are unknown. The site has been discussed as a mixed-use development and could potentially include a hotel. The conceptual plan includes the firms of Neumann Smith, Resurget Engineering and Giffels Webter, as well as construction contractor Colasanti.

Developer Backs Away From Big Boy Site

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The site of Detroit’s only Big Boy restaurant, across from Belle Isle, is back on the market. The Platform LLC has backed away from its plans to build new apartments on the site. The Farbman Group is marketing the property for an undisclosed price. According to a Platform spokesperson, the company remains committed to its work in Detroit. The Platform had envisioned an 8-10-story apartment building with 240 studio, one- and two-bedroom units.

Traverse City’s Cherry Capital Airport Expansion on the Horizon

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Traverse City’s Cherry Capital Airport had its busiest month in July of 2021, serving just under 113,000 travelers. According to the airport’s director, the airport’s peak summer traffic could grow by another 32% by 2030. The airport is making preparations to support that growth. The Northwest Regional Airport Authority approved a parking expansion that will break ground next week. According to Klein, TVC’s existing long-term parking lot has 989 parking spaces. The expansion will  incorporate a new EV charging station, underground stormwater retention systems, and restriping of the existing lot. The expansion sill add 425 spaces in total. Preliminary plans could triple the size of the airport’s terminal in the future.

 

 

 

Former Hyatt Regency Hotel Has Sold

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Rhodium Capital Advisors closed on the purchase of the former Hyatt Regency hotel in Dearborn on Wednesday. The Manhattan-based real estate company purchased the property for an undisclosed sum. The company owns and operates 17,000 apartments across the U.S. It plans to convert the 772-room hotel into a multifamily, market-rate apartment complex with 375 unites. Phase 2 of the $50 million project includes renovation of the restaurant and banquet space on the property.

Northville Psychiatric Hospital Site Slated For Demolition

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The state psychiatric hospital site in Northville Township will be demolished as early as the summer of 2022. The hospital has been closed since 2003. The Northville Township Board of Trustees approved a $12 million bond sale to fund the clearing of the site. Previously in 2018, the site’s nine-story structure was demolished in 2018. The property will be developed into hiking and biking trails, with over 96% of the 332 acre site returned to a natural state. The township’s general fund will not be used to pay for the clearing.

Book Mansion Hits Market Soon

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The James Burgess Book Jr. mansion on East Jefferson Avenue will most likely hit the market for sale in the very near future. The property has been taken back by a foreclosing lender. The 1911, 12,000-square-foot building had been owned by Historic Book House LLC. The approximate $1.245 million mortgage is from December 2016. Soaring Pine Capital Real Estate and Debt Fund II are the lenders. The deadline to redeem the property by paying $937,006 plus interest is January 29. According to a Soaring Pine representative, that is unlikely to happen. The occupants had planned to hold orchestral concerts for the Ars Poetica Chamber Orchestra and give music lessons to pay back the loan. Unfortunately, those plans went by the wayside with the COVID-19 pandemic.

 

Walbridge Fills Up Warehouse and Begins Work on a Second

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With Detroit-based Walbridge Group’s new warehouse in Lyon Township utilized by a German auto supplier, the construction company has begun putting up another warehouse. Webasto Roof Systems Inc. has leased the Lyon Distribution Center I. Distribution Center II is under construction with 150,000 square feet of building space to be complete in the next 12 months. Walbridge owns the 515-acre property that encompasses both sites. Of that 7.6 million square feet under construction, 86 percent is bulk warehouse and distribution space.

Auburn Hills’ Volkswagen Building Sells to Redico

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Southfield-based Redico LLC and New York City-based Mavik Capital Management LP have bought the Volkswagen of America Inc. building in Auburn Hills.  The building at 3800 Hamlin Road sold for an undisclosed price. Details of the structure of the joint venture are not public. Volkswagen had considered moving its Auburn Hills operations to Southfield but opted to sign a new lease in the building that had been owned by MAK Real Estate Investment Inc. Once the new lease was signed, MAK Real Estate Investment began exploring putting the building up for sale. The building sits on 19 acres.

 

Port Authority Raises Concerns Over Boblo Building Destruction

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Detroit-Wayne County Port Authority alleges that the Ambassador Port Co. is not taking the appropriate steps toward demolishing the Boblo building. According to the port authority’s law firm, Ambassador Port is acting in violation of its Master Concession Agreement with DWCPA.  The razing of the Boblo building is included in a pending deal between the two parties. The agreement would end the Master Concession Agreement, and Ambassador Port would gain ownership of the dock site from the port authority. In exchange, it would pay $1 million outright, waive the authority’s $2 million debt, and pay $2 million in blight removal and cleanup work. The deal requires Detroit City Council approval to move forward. The possibility of the building’s destruction before the pending deal is finalized is concerning to the port authority.