Michigan Real Estate News

Timely  |  Relevant  |  Informative

Ilitch and Ross Propose Hotel Development Near Little Caesars Arena

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The Downtown Development Authority board signed off on a proposal for a new $190.5 million hotel south of Little Caesars Arena. Plans for the hotel have been in the works for a while. The hotel would be 14 stories tall with 290 rooms. The Ilitch family and developer Stephen Ross submitted the development plan. Together, they would ground-lease the land from an Olympia-owned entity. The hotel, food, beverage and other amenities will create a variety of jobs and attract people to the region. The project would cost $137.3 million. Ilitch and Ross have partnered on projects in the Ilitch family’s District Detroit area in the last year.

 

 

Federal Grant Allows I-375 Project to Move Ahead Sooner

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A $104 million federal grant, an allotment that’s part of $1.5 billion from the infrastructure for Rebuilding competitive grant program, will allow the I-375 Interstate project to begin two years early. The state will replace the 1-mile sunken freeway that connects I-75 to Jefferson Avenue with a wide street. Michigan had asked for $180 million, and Governor Whitmer had requested monies from the new federal Reconnecting Communities program. The estimated cost of the project is $300 million. The project should be completed in 2028.

 

Homeownership On The Rise In Detroit

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For the first time in a decade, the majority of Detroit residents are home owners, according to new Census data. Data from the American Community Survey shows a large increase in the number of vacant units in the city. Detroit’s homeownership peak was in 1970 when 60 percent of the city’s residents were homeowners. Thirty years later, that figure had fallen to 55 percent. Foreclosures and population loss impacted 2012 data, dropping the data to 49.9 percent. By 2014, homeownership dropped again to 46.3 percent of residents. Increasing home ownership has been one of Mayor Mike Duggan’s goals since taking office.