Affluent Atlanta Neighborhood Self-Segregates

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The affluent Atlanta neighborhood of Buckhead wants separation from Atlanta. Spikes in crime across the city are contributing to the fear, but racial division plays a part. Buckhead is a majority-White neighborhood, while Atlanta has a Black majority. Should Buckhead gain its cityhood, it would drain revenue from a critical tax base and deepen the residential caste because residents often support policies like exclusionary zoning and neighborhood school boundaries.  These practices lock others out of community advantages.

Novel Financing Helps With Inadequate Housing Issues

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An inadequate supply of housing is creating problems for businesses and crippling economic development in many communities. As a result, some communities are turning to tax increment financing. Tax increment financing (TIF) enables a developer to regain some of the upfront costs for a project by securing an increase in property taxes for a period of years and diverting them until the spending is repaid. Once the agreed-upon costs are paid off, the higher tax increment goes to local government. TIF has been around for a while but using it to allow new housing to be built that would be affordable to residents is a novel idea. It’s being used where labor and supply costs wouldn’t otherwise allow affordability.

 

 

 

Hefty Price Tag for Bayfront Traverse City Hotel Resorts

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Two of Traverse City’s bayfront hotels are for sale. The $47 million price tag includes Sugar Beach and Grand Beach Resort Hotels. Built in the 1990s, both properties would set a record for lodging sales in Traverse City. Mount Pleasant-based LaBelle Management operates both resorts.

 

 

Amazon to Add Four New Michigan Sites

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Amazon will add four new sites in 2022 and 2023. The announcement is expected on Wednesday. It will open its first mid-Michigan fulfillment center and three more facilities in the Metro Detroit and Grand Rapids areas. The new sites include a 1 million-square-foot fulfillment center just west of Lansing, a sort center and delivery station in the Grand Rapids area, and a delivery station in Canton Township. Amazon has created more than 21,000 jobs in Michigan so far. With the new site in the Lansing area, the company expects to create more than 500 full-time jobs. The other centers will create hundreds of jobs, as well.

Automotive Country Club Heading to Howell

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A father and son duo plan to bring a multimillion-dollar automotive country club and garage development to a 270 acre site owned by the city of Howell. Motorsports Gateway includes 67 private garage suite units and a 2.2 mile European-inspired road course. Previously the duo owned JD Racing Indoor Karting in Novi but sold it in January. The first phase of Motorsports Gateway includes the track, garage suites, a pit lane clubhouse and amenities, and a $65 million price tag. Groundbreaking should take place next summer, and phase one should be completed by the end of 2025. Phase two calls for an auto innovation park and mixed-use construction that will cost an additional $35 million.

 

New York Company Steps Up for Dearborn Hotel

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An unidentified New York-based company is under contract to buy the former Dearborn Hyatt Regency hotel from the U.S. Marshals Service. Previously, the property was under a $27 million deal that envisioned top-floor condominiums and a hotel on the bottom floors. That deal fell through with the buyer backing out at the end of the inspection period. The current deal is for $17 million. A broker for the sale disputes that figure. The company intends to redevelop the hotel into a mix of 375 market-rate apartments and a small hotel.

Affordable Housing Demand Fills Downtown Muskegon Building

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A new TEN21 apartment building in downtown Muskegon is providing affordable housing. Residents began filling the new apartment building last week. The 73-unit building has 60 people waitlisted. The building will be fully occupied by the end of the month. Residents must meet income eligibility rules. One-bedroom rent ranges from $269 to $815 a month, and two bedrooms range from $460 to $950 a month. Each unit is equipped with a washing machine, dryer and kitchen appliances. Community common spaces are included in the development.

 

 

Detroit Area Hotel Business Travel Takes a Hit

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Detroit area hotels’ business travel revenue is taking a hit. It’s expected to be 2/3 lower than pre-pandemic levels. According to the American Hotel & Lodging Association, the region’s hotels are expected to generate $187 million this year. That’s a 67.4% drop. Michigan hotels are expected to lose 59.8% of their business travel revenue this year. Nationally, hotels could be down by more than $59 billion by the end of the year in business travel. A rebound isn’t projected until 2024.

Reusing Old Mall Sites Takes a Creative Turn

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Redeveloping dead shopping mall sites in the metro Detroit area isn’t about attracting the big box stores. The hottest concepts for reusing old mall sites include warehouses, distribution centers, storage units and middle-income housing. For example, Livonia and Wonderland mall sites have become Livonia Marketplace and Wonderland Village. Experts say that retail-focused approaches are less effective now due to the prevalence of online shopping.

 

 

Headquarters Property Slated For New Ownership

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The former Art Van headquarters property in Warren is soon to be under new ownership. Montreal company Groupe Quint is expected to close on the purchase of more than 1 million square feet of space in the next couple of weeks. Most recently occupied by Loves Furniture, Inc., it had been listed for $65 million this winter. The current price is undisclosed. The property is located at 6500 E. 14 Mile Rd. in Warren.