Plans Resuscitated for Restoration Hardware Flagship Store

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The Birmingham planning board will meet on March 24 and review a proposal that revives plans to bring Restoration Hardware to downtown Birmingham.  A new 4-story building is proposed for the southwest corner of Old Woodward Avenue and Brown Street. The site is across the street from the new Daxton Hotel. The current buildings at the site would be demolished. After construction, the site would feature a new 54,000-square-foot building with Restoration Hardware as its anchor tenant. In addition, the development would have a top-floor restaurant and 24-space underground parking.

To Buy or Not to Buy? That is the Question

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In 15 of the 50 largest metro areas across the country, buying is still a better option than renting. The relative price of buying a home hasn’t changed much, even with the historic growth in home prices over the last year. This is due to incredibly low interest rates. Realtor.com looked at the median listing price in each of the 50 largest metro areas, compared it to the monthly cost of renting in those same areas, and then compared those numbers to local incomes. Cities in the South and Midwest offer cheaper homes and a lower cost of living. Southeast Michigan is in the Top 10 of metro areas in which buying makes financial sense vs. renting.

Lawyer – No Light at the End of the Pandemic Tunnel for Property Owners

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The future of real estate continues to be in a flux. At a federal level, GSEs have continued to extend foreclosure and eviction moratoriums through June 30, 2021. The Center for Disease Control issued its own eviction moratorium in September 2020, and the Biden administration has extended it through March 31, 2021. In Michigan, the pandemic’s eviction moratoriums have expired, although the Michigan Supreme Court has recognized the CDC Order. No formal foreclosure moratoriums were ever instituted in Michigan, but social distancing requirements have halted the proceedings that are held in courthouses which have been closed to the public during the pandemic.

Lansing-Based Developer Contracts the Linda Dresner Building

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Ron Boji, head of the Lansing-based Boji Group, has put the Linda Dresner Building in Birmingham under contract for an undisclosed amount. Boji has letters of intent from two national retailers. Although he isn’t disclosing who the retailers are, one of them will occupy the first floor of the Dresner building and the other will occupy the Maplewood Building he purchased last year. Boji Group will relocate its headquarters to the second floor of the Dresner building while continuing to maintain a presence in Lansing.

Farmington Hills Hotel Pivots Due To The Pandemic

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The Farmington Hills’ Holiday Inn and Suites, NW Detroit, is shifting its focus. Due to the pandemic, hospitality and restaurants have taken a beating. Southfield-based Group 10 Management is converting the hotel (which was opened in 2018) into senior independent living quarters. 76 apartment units would be created from 133 hotel rooms in the current hotel layout. The company has kept two other properties in the same location open as hotels as there is a need for extended-stay facilities.

Vacant Farmington Hills Industrial Space Slotted for Apartment Complex

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A vacant Farmington Hills industrial space is up for redevelopment. Located on Northwestern Highway, between 14 Mile and Middlebelt, the property will be the home of a 5-story apartment development that includes 200 units, varying in size of one, two, or three bedrooms. The complex would also include a bike path, clubhouse, and pool. Some planning commission members are concerned about the 5-story design and the dense traffic it could cause. They want it to not exceed four stories.

Wayne County Expands Back Tax Assistance Program

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The Wayne County Treasurer’s Office has expanded its tax assistance program to now assist commercial property owners and landlords who have up to five occupied rental properties. The program gives eligible landlords and businesses time to pay off the back tax debt but doesn’t lower the 18% yearly interest rate. It allows them to pay 25% down and then pay off the rest of their balance through March of the next year.

One incentive to participate in the plan: The tax foreclosure process will move forward this year for all property classifications; the Wayne County Treasurer does not anticipate extending the foreclosure moratorium through this year, even for residential properties.

Home Builder Proposes 56-Home Luxury Subdivision

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Toll Brothers is proposing a 56-home luxury subdivision in northeast Ann Arbor. The intent is for the development to meet the needs of first time luxury home buyers, retirees, families, and working professionals. The subdivision proposal still needs to go before city staff for review and to Planning Commission and City Council for approval.

Washtenaw County Treasurer Halts Tax Foreclosures

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The Washtenaw county treasurer declared a moratorium on tax foreclosures for residential, occupied properties. Catherine McClary is amending the Financial Hardship Policy in an effort to assist small business owners, landlords, and homeowners. The moratorium will extend the tax foreclosure deadline to next year.

Briarwood Mall Vacancies Concern City Officials

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Briarwood Mall has 17 empty storefronts. Ann Arbor’s only mall has lost several businesses in the first quarter due to an increase in online shopping, high rents and the COVID-19 pandemic. City officials worry about the mall’s future and contemplate alternative uses for the large structure and parking lot. Multi-use ideas include entertainment venues like climbing gyms or laser tag, as well as a retirement community, office, and/or housing spaces that would guarantee consistent foot traffic.