Michigan Real Estate News

Timely  |  Relevant  |  Informative

Michigan Renters & Landlords Still Wait For Relief

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Nearly two-thirds of metro Detroit residents are still behind on their rent or mortgage, despite the millions of dollars in federal funds that have been sent to provide relief. Many face eviction or foreclosure in the next two months. Michigan allocated $425 million through the end of September through the COVID Emergency Rental Assistance program. Thousands of people are still looking for aid. According to a census survey, 64 percent of metro Detroit residents are not current on payments for their homes.

Detroit’s Core City Project Breathes New Life Into Buildings and Land

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The Core City neighborhood, located west of Woodbridge and about 2 miles from downtown, is one of the most unique real estate projects in the city and the state. It currently spreads across six existing commercial buildings, 10 recently built Quonset hut apartments, plus one large Quonset hut split into eight live-work space. It will be expanding early next year to include more housing. The old commercial buildings are filled with office and retail tenants. The buildings surround a new public space park filled with shade trees and artwork. The Core City project is the brain child of developer Philip Kafka and his real estate company, Prince Concepts.

 

Landmark Office Real Estate Up For Grabs

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Nearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.