5-Story Building Planned For Downtown Birmingham

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Birmingham-based developer, Surnow Co., has submitted plans for an 80-foot high, 53,000-square-foot building on the rear of the post office building parking lot. The developer currently has its offices in the redeveloped post office property at 329 Martin St. The building will include 5,400 square-feet of first-floor retail space, about 19,200 square feet of office space on the second and third floors, and six residential units on the fourth and fifth floors. It will also include underground parking with an automated parking system. The project is still in the planning stages.

 

Amazon Ditches Square Footage

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Amazon is subleasing at lease 10 million square feet and possibly terminating leases in New York, New Jersey, Southern California and Atlanta. The figure could be as high as 30 million square feet. This is in contrast to the the company’s acquisition of 200 million square feet during the pandemic. In the Detroit area, it’s a different story. The company currently occupies or is building at least 13 million square feet. According to sources, Amazon was more deliberate in the Detroit area, as opposed to other areas where it acquired square footage where it could find it. The company also seems to be dropping smaller spaces and not mega-centers like those in the Detroit area.

 

 

Ilitch And Ross Release Detroit Center Renderings

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Stephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district.  The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation.  They expect to break ground on the project in 2023.

 

 

 

David Whitney Building Hotel Builds On And Rebrands

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The David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.

 

 

Home Costs Rise As New Building Permits Dip

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As interest rates and materials costs rose, the number of single-family home permits in metro Detroit fell in April.  The number of permits across Detroit Metro counties dropped to 303 in April from 414 in March. That’s a 27% drop. When compared to April 2021, they number of permits dropped 31%.  Builders whose business was split between commercial and residential projects have seen it flip to entirely commercial. They cite rising costs, interest rates and supply chain issues. Buyers don’t have the money to cover the rising costs during actual construction. In addition, there aren’t enough workers to keep up with labor demands.

 

 

Northville Downs Developer Pitches Reduced-Housing Plan

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The proposed Northville Downs development continues to work through the municipal approval process. Hunter Pasteur Homes has been meeting with the Planning Commission on a plan that would bring in excess of 440 units of housing to the horse racing track site. The development would include 38 single-family homes, 98 townhomes, 28 carriage houses, 62 row houses, 172 apartments and 43 condominiums. A third of the site’s acreage would be designated to parks and green space, along with commercial space. The 11-acre northern portion of the Northville Downs site has been sold to Perennial Northville LLC, an affiliate of Hunter Pasteur.

 

Detroit Metro Office Construction Costs Soar to Unprecedented Heights

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According to a new report from the Chicago-based brokerage JLL, the construction costs of new office space in metro Detroit has increased by double digits, in excess of 25 percent in some cases. This is in keeping with the trend across North America with costs increasing 22.9 percent year over year.  The trend includes a 25.4 percent increase in hard costs, 20.8 percent increase in soft costs, 22 percent increase in FF&E and a 12 percent increase in tenant factors. The increases are caused by spikes in material costs, supply chain disruptions and labor shortages. The rising construction costs are unprecedented.

 

Detroit Metro Area Rent Hikes Impact Wallets

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Young consumers and people of color continue to struggle with rent hikes. Housing costs is a component of measuring inflation. Last month, the shelter index rose at its fastest year-over-year pace since April 1991.  Rent increased 4.8% in April over the last 12 months. The U.S. inflation rate hit 8.5% in March over the last year. The rising costs for housing and shelter are worrisome, and rent is expected to be significantly higher in 2022.

 

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