Michigan Real Estate News

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New Midtown Development Details Emerge

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Farmington Hills-based City Club Apartments, LLC, has a $95 million vision for its Midtown development. The Detroit Planning Commission will consider a rezoning request for a 2.3 acre chunk of land at a February 4 hearing. The development will include a 16 story tower with 273 apartments, a complementary building with 77 apartments and 12,500 square feet of street level retail space. A one-story building with 32,000 square feet will house a national general merchandise retailer; retailer specifics are presently unknown. Construction begins this summer on the southeast corner of Woodward and Mack.

Downtown Detroit Has Glut of Condos – One Year Supply On Market

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Based on an analysis by a Detroit residential broker, there is a one-year supply of condos for sale in the Downtown Detroit market. According to the broker, 4-6 months is considered a “balanced” market, so the existing one-year supply is a clear buyer’s market. It appears the rush to develop new condos in Detroit to meet rising demand happened too quickly, with a glut now on the market. There are successes, to be sure, but the pricing of some condos appears to be aggressive for the market.

Postponed Detroit Projects Dependent on Pandemic Effects

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The pandemic brought Detroit area projects to a screeching halt. By summer, many of them had resumed. The outcome of these projects, ranging from apartment developments to a small-format Meijer, hinges on how many office workers return to Detroit, how soon sports fans will feel safe at sporting events, if restaurants and hotels will fill up again, and if Detroit-area lofts will remain as desirable as they were pre-pandemic.