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Home Costs Rise As New Building Permits Dip
/in SE Michigan /by Tracy WillisAs interest rates and materials costs rose, the number of single-family home permits in metro Detroit fell in April. The number of permits across Detroit Metro counties dropped to 303 in April from 414 in March. That’s a 27% drop. When compared to April 2021, they number of permits dropped 31%. Builders whose business was split between commercial and residential projects have seen it flip to entirely commercial. They cite rising costs, interest rates and supply chain issues. Buyers don’t have the money to cover the rising costs during actual construction. In addition, there aren’t enough workers to keep up with labor demands.
Northville Downs Developer Pitches Reduced-Housing Plan
/in SE Michigan /by Tracy WillisThe proposed Northville Downs development continues to work through the municipal approval process. Hunter Pasteur Homes has been meeting with the Planning Commission on a plan that would bring in excess of 440 units of housing to the horse racing track site. The development would include 38 single-family homes, 98 townhomes, 28 carriage houses, 62 row houses, 172 apartments and 43 condominiums. A third of the site’s acreage would be designated to parks and green space, along with commercial space. The 11-acre northern portion of the Northville Downs site has been sold to Perennial Northville LLC, an affiliate of Hunter Pasteur.
Detroit Metro Office Construction Costs Soar to Unprecedented Heights
/in Detroit, SE Michigan /by Tracy WillisAccording to a new report from the Chicago-based brokerage JLL, the construction costs of new office space in metro Detroit has increased by double digits, in excess of 25 percent in some cases. This is in keeping with the trend across North America with costs increasing 22.9 percent year over year. The trend includes a 25.4 percent increase in hard costs, 20.8 percent increase in soft costs, 22 percent increase in FF&E and a 12 percent increase in tenant factors. The increases are caused by spikes in material costs, supply chain disruptions and labor shortages. The rising construction costs are unprecedented.
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Abandoned Fisher Body Plant To Be Redeveloped
/in Detroit, SE Michigan /by Tracy WillisThe Fisher Body Plant No. 21 in Detroit will be repurposed into more than 400 apartments and will include retail space. Fisher 21 Lofts is a $134 million project that will be up for site approvals later this spring. Redevelopment could start late next year and be completed by 2025. The project would include 433 for-rent apartments. Twenty percent of those would be set aside for below-market rents. It would also include 28,000 square feet of commercial and retail space and 15,000 square feet of co-working space. The former auto body factory has been abandoned for 30 years.
Detroit’s Retail Scene Is Transforming
/in Detroit /by Tracy WillisThere has been an almost 11 percent increase in the amount of retail space in the five-county area over the last 15 years. Despite the redevelopments of shopping centers and malls and the bankruptcies of big retailers like Neiman Marcus and JCPenney, the region has added 25.5 million square feet of retail space. Retail has adapted from brick-and-mortar stores to fulfillment centers, and food-related and experience-related establishments. The growth in retail space and the increase in overall spending are contributing to retail’s successful adaptation.
Woodward West Nears Completion
/in Detroit /by Tracy WillisConstruction crews continue to make steady progress on Woodward West, the five-story apartment building in Midtown Detroit. The residential and retail development has already started pre-leasing and should be completed this summer. The development will add 204 apartments and 25,000 square-feet of retail space to the Midtown community. The first floor will consist of retail space.