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Furniture Company Leases Former Art Van Headquarters
/in SE Michigan /by Tracy WillisThe Florida-based Ashley Furniture Industries is leasing the old Art Van Furniture Inc. headquarters. Ashley Furniture is leasing 186,000 square feet of the 1 million-square-foot-plus property. Ashley Furniture’s lease, along with the square footage that Gardner White is leasing, has filled up about 57 percent of the Art Van property. Operations are expected to start in the building soon. Brasswater currently owns the property.
Developers Move Forward With Mobile Home Park in Ann Arbor Area
/in SE Michigan /by Tracy WillisSun Communities, Inc. is facing opposition from residents who don’t want hundreds of manufactured homes in the area. The Southfield-based company owns and operates mobile home parks, RV resorts and marinas across the United States. The company had initially proposed a 500-unit mobile home park on about 140 acres on either side of U.S. 23 along Warren Road. The Ann Arbor Township denied that rezoning request. The developers plan to continue with the manufactured homes development on the east side of U.S. 23 on 80 acres that is appropriately zoned for a dense mobile home park. About 17 neighbors attended the township planning commission meeting to protest the developers’ plans.
5-Story Building Planned For Downtown Birmingham
/in SE Michigan /by Tracy WillisBirmingham-based developer, Surnow Co., has submitted plans for an 80-foot high, 53,000-square-foot building on the rear of the post office building parking lot. The developer currently has its offices in the redeveloped post office property at 329 Martin St. The building will include 5,400 square-feet of first-floor retail space, about 19,200 square feet of office space on the second and third floors, and six residential units on the fourth and fifth floors. It will also include underground parking with an automated parking system. The project is still in the planning stages.
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Evictions are a Looming Reality
/in Grand Rapids, National, SE Michigan /by Tracy WillisThe New York Legislature has passed a comprehensive and controversial anti-eviction law. The new law bans tenant evictions for a least another 60 days and offers some foreclosure protection to small business owners, as well as renews tax exemptions for elderly or disabled homeowners. Critics feel the law goes to far and doesn’t require proof that financial hardships are due to the pandemic or define income limitations to qualify for eviction protection.
Community Builders, a Grand Rapids-based nonprofit, is partnering with the city’s Homeless Outreach Team to coordinate short-term accomodations and support service for the area’s homeless population. The Geographically Targeted Housing Outreach intiative (GTHO) is funded in part by the city of Grand Rapids Emergency Solutions Grants under the federal CARES Act.
A Detroit Free Press investigation discovered gaps in the state’s safety net designed to prevent renters from losing their homes. Although the number of evictions has decreased when compared to 2019 data, 4 factors are crippling the state’s evction protection measures: A lack of comprehensive statewide data, missing key information to track communities that have not received aid, local judges who fail to follow the state Supreme Court order, and landlords who are finding leasing loopholes.
Mortgages Ripe For Foreclosure Escalate
/1 Comment/in National /by Tracy WillisThe raw number of mortgages in active forebearance rose last week, driven by the share of loans in forebearance and rising from 5.2% to 5.3 % in private label securities or banks portfolios. The share of FHA and VA loans in forebearance also increased. Fannie Mae and Freddie Mac maintained their 3.5% portfolio share from the prior week.
Business is Booming in the Retail World For Pets
/in National, SE Michigan /by Tracy WillisSoutheast Michigan-based Pet Supplies Plus has purchased 40 Pet Valu locations in seven states, including Michigan. CEO Chris Rowland expects to top $1 billion in revenue for the second stratight year. With a record year in growth, Pet Supplies Plus plans to add more than 100 locations in 2021.
Skilled Labor Shortage Complicates Construction Projects
/in Detroit, SE Michigan /by Tracy WillisPrior to the COVID-19 pandemic, there was not enough skilled labor to meet construction demands. That’s even more true now that development has almost returned to pre-pandemic levels in metro Detroit. According to metro Detroit’s largest general contractors, that means less skill on job sites. That, along with continuing supply chain and inflation issues, is causing project managers to scramble to meet demands. The number of Michigan construction workers has rebounded to pre-pandemic levels, but it’s still down almost 20% from 20 years ago. The number is not growing fast enough to meet the increasing demand. It’s anticipated that skill trades will account for 47,000 annual job openings through 2026.
United Artists Theater Building Rehab Begins
/in Detroit /by Tracy WillisThe Bagley Development Group has begun its redevelopment of the Ilitch-owned, 18-story United Artists Theater Building at 150 Bagley St. The property is being transformed into a 148-unit residential building called Residences @150 Bagley. It is scheduled to open in late 2023. Twenty percent of the new apartments will be offered at below-market rents for qualified tenants. It will also include about 10,000 square feet retail space on the ground floor.
Downtown Detroit’s Office Workers Slow To Return
/in Detroit, SE Michigan /by Tracy WillisAlthough downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic. In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%. Some employers are gradually bringing employees back to the office.