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A $150 Million Asking Price For Detroit Parcels . . . Stunning
/in Detroit /by Tracy WillisThree properties on the Detroit Riverfront have been listed for a total of $150 million, 15 times the price the owner paid in 2015 and 2016 when he purchased them. Owner Michael Shaya arrived at the price based on the properties’ “potential,” stating that “The price is commensurate the scale and size that can be built on these properties, which is in the millions of square feet.” Experts are skeptical that he will get his asking price.
Old Detroit Lions Offices Make Way for Godfrey Hotel
/in Detroit /by Tracy WillisThe old Detroit Lions’ administrative offices, located at in Detroit’s Corktown neighborhood on Michigan Avenue, will be demolished to make way for a Godfrey Hotel. The 227-room, $74 million project will be the 5th Godfrey Hotel in the country. The hotel will contain a restaurant, bar, ballroom, and rooftop café. Construction is expected to take 18 to 20 months and is a joint venture of Oxford Capital Group and Hunter Pasteur Homes.
Wayne County Expands Back Tax Assistance Program
/in Detroit, SE Michigan /by Tracy WillisThe 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.