Michigan Real Estate News

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Rehabbed & Ready Program Restores and Refurbishes Detroit Properties

Detroit Land Bank Authority’s Rehabbed & Ready program has refurbished residential properties across Detroit neighborhoods. They typically gut the homes, put thousands of dollars worth of work into them (including new electrical, plumbing, windows and landscaping) and sell them to new buyers. The Land Bank took a loss on some of the homes that had fire damage or asbestos issues, but the home sales lifted the neighborhoods’ home prices. The Land Bank’s goal is to restore existing value into homes. The program has sold nearly 100 homes since 2015 and is expanding over the next three years to restore an additional 200 houses. The goal will continue to be adding residences and raising property values.

 

 

Judge Orders Packard Plant Demolition

A Wayne County Circuit Judge has ordered the Packard Plant owner Fernando Palazuelo to immediately demolish the deteriorating industrial site and foot the cost of the demolition after missing a trial date. The Peruvian developer and his attorney missed a March 24 trial date. The structures that sit on two 2-acre sites are dangerous and threaten the public’s welfare. The demolition could cost millions of dollars and has been ordered to begin by early June. It’s required to be completed by the end of June. Palazuelo has until April 21 to pull permits for demolition of his portions of the plant.

 

Former Rock Venue Listed For Sale

Detroit’s former leading rock hall is for sale. The Grande Ballroom at 8952 Grand River has been listed for $5 million. It’s currently owned by Chapel Hill Missionary Baptist Church. In its glory days, the building hosted touring guests like Led Zeppelin, Pink Floyd and the Who, along with Michigan acts like the Frost, and MC5. The Grande is listed on the National Register of Historic Places, and that status may offer a financial windfall to its developer due to the State Historic Tax Credit Program.