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Detroit World Outreach Church For Sale Post Bankruptcy
/in SE Michigan /by Tracy WillisThe Detroit World Outreach Church property on West Chicago Road at Telegraph Rd. is heading to a public sale next month. The asking price is $7.1 million. The complex consists of multiple buildings, including the 181,000-square-foot main church. The church fell behind on payments after a Chapter 11 bankruptcy. Although a reorganization plan was approved in December, a missed payment to Comerica Bank triggered the sale. Interested buyers can submit an offer of $4.15 million or more, with a $50,000 deposit through July 8. A public sale would be held on July 12 via Zoom.
Demolition Contract For Portion of Packard Plant to be Awarded This Month
/in Detroit, SE Michigan /by Tracy WillisThe Detroit City Council will consider awarding a demolition contract for a portion of the Packard Plant later this month. Only one bidder responded to a May request for proposals to tear down the building at 6199 Concord St. The city will most likely award the contract to the unnamed bidder in the next week. According to the director of the Detroit Demolition Department, the city is moving quickly to tear down that portion of the plant because of the danger it poses to The Display Group Ltd., who operates its Display Group Creative Collective in the adjacent space. Demolition is expected to begin in late summer.
Long Awaited Demolition on Detroit Building Begins
/in Detroit, SE Michigan /by Tracy WillisThe Gateway Center building, across from the Westin Book Cadillac hotel, is being demolished. Plans for the demolition have been known as far back as 2016. The upper exterior on its western side was removed by Thursday afternoon. The demolition is expected to be finished by August. Owner Richard Karp indicated that he wanted to do a mixed-use development back in 2016. He declined to comment on the recent activity. Entities linked to Karp’s Lansing-based Karp and Associates development firm paid $700,000 for the building in 2013.
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Belgian Chocolatier Shutters All North American Stores
/in National /by Tracy WillisThe forthcoming flood of retail closures is starting. Godiva is closing 128 storefronts and cafes across North America by the end of March. Their chocolate will continue to be available online and in partnering retail and grocery stores. With the bulk of profits stemming from tourism, special occasion and impulse buying, the decrease for in-person shopping is to blame for the company’s shift. Chocolate sales have risen by 5% during the pandemic. In-store operations will continue in Europe, the Middle East and Greater China.
Commercial Real Estate Faces Existential Crisis
/in National /by Tracy WillisWhen compared to the 20 bankruptcies that were filed per month over the last year, the 11 companies who filed for bankruptcy over the past month could point to a slow down. Cheap money/capital have helped troubled companies stay afloat, slowing the bankruptcy filings.
However, the retail, office, and hotel sectors are particularly vulnerable. The impact of the pandemic is trickling down as the government intervention to prop up the economy starts to slow.
Air Cargo Is Booming During COVID-19
/in National /by Tracy WillisThe Cincinnati/Northern Kentucky International Airport, also known as CVG, has 15,000 fewer arrivals and departures since the start of the pandemic. That doesn’t mean their runways are clear. Their air cargo business is booming. Amazon Air is completing a 798,000 square-foot sorting center, a seven-level parking structure, and acres of concrete to accommodate 20 aircraft. The new facility is scheduled to open in the fall. This boom in logistics is impacting industrial development around the country.
Office Space Continues Its Radical Metamorphosis
/in Detroit, SE Michigan /by Tracy WillisDetroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating employees to locations in Bloomfield Hills, Auburn Hills and Farmington Hills. The headquarters’ prominence, location and amenities may interest prospective tenants.
Coalition Suggests Ways For Overtax Paybacks
/in Detroit /by Tracy WillisThe Coalition for Property Tax Justice released a report outlining a series of ideas for ways the city could compensate overtaxed homeowners. It included survey results from more than 200 Detroiters. Ideas included property tax credits, Section 8 rental vouchers, home repair grants, Detroit Land Bank Authority’s rehabbed homes, and as-is Land Bank homes paired with home repair grants or cash payments. Although cash payments to overtaxed homeowners was a main focus, Detroit’s top attorney has indicated that the city cannot use general fund monies to compensate individuals. State law prohibits direct support from the general fund for private purposes.
Detroit Home Buyers More Practical As Home Prices Increase
/in Detroit, SE Michigan /by Tracy WillisAccording to Jeanette Schneider, RE/MAX of Southeastern Michigan president, homebuyers are becoming realistic. They’re less likely to waste time looking at homes that do not address their needs. This shift is in contrast to last year when buyers were willing to take what was available out of fear of not getting a house. Inventory is still limited and prices continue to rise. March’s median sales price was up 10.7 percent from last year. However, the increase is lower than the previous year. The number of sales fell in March by 8.7 percent, but pending sales were up 2.3 percent.