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Mall Properties Transition to the Untraditional
/in National, Outstate /by Tracy WillisWith mall vacancy rate across the U.S. setting new records, it’s no surprise that malls are standing empty or being repurposed. Two new occupants of the Lakeview Mall in Battle Creek are doing just that. A climate-controlled self-storage developer bought the former Macy’s and plans to rent storage units, reachable by an indoor drive-through, and Horrocks Farm Market will move from downtown Battle Creek into the former JC Penney store. This represents the current trend for mall properties. Development experts look toward transitioning these large retail properties into housing, entertainment venues, medical facilities and other non-traditional mall tenants.
Historic Train Depot in Lansing is Due for a Makeover
/in Outstate /by Tracy WillisA 113-year-old train depot on Michigan Avenue, just a few blocks from the state Capitol building, is coming back to life. Vacant since 2016, the Lansing property was the former location of Clara’s restaurant, and is being redeveloped by the Gillespie Group. A national coffee retailer will occupy part of the depot, while the remaining 4,045 square feet may be repurposed as a restaurant, retail or office space. A new parking lot and drive thru will be added, along with a green space parklet. Construction is expected to begin in September and wrap up during summer 2022.
Second “First” Home Buyers Accelerate Home Prices In Southwest Michigan
/in Outstate, Western Michigan /by Tracy WillisA beachfront house in New Buffalo will set a new record for Southwest Michigan. It will be the fourth home in New Buffalo to sell for $4 million or more in the past year. The real estate boom in Southwest Michigan is not only at the upper end of the market. Along the 16-mile strip of shoreline towns from New Buffalo to Bridgman, home sales were up 48 percent in the first quarter of the year from the same time in 2020. Buyers aren’t necessarily buying vacation homes. They may keep their first residence in another city, but think of New Buffalo as “home” for now as they wait to see how things play out with the pandemic. New Buffalo is seeing an influx of buyers from Indiana and the Chicagoland areas.