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Detroit Metro Area Rent Hikes Impact Wallets
/in Detroit, SE Michigan /by Tracy WillisYoung consumers and people of color continue to struggle with rent hikes. Housing costs is a component of measuring inflation. Last month, the shelter index rose at its fastest year-over-year pace since April 1991. Rent increased 4.8% in April over the last 12 months. The U.S. inflation rate hit 8.5% in March over the last year. The rising costs for housing and shelter are worrisome, and rent is expected to be significantly higher in 2022.
Redico Purchases One North Main Building in Ann Arbor.
/in SE Michigan /by Tracy WillisRedico LLC has purchased the One North Main office building in downtown Ann Arbor, to the tune of $25.3 million. Redico will renovate the 115,000-square-foot building by improving common areas, elevators and offices. The University of Michigan and law firms Varnum LLP and Miller Canfield are the primary tenants in the building. The building is currently 75 percent leased. Redico is also developing a 167-unit apartment community and a 156-acre mixed-use development in Ann Arbor.
City Officials Break Ground on 22-Acre Park
/in Detroit, SE Michigan /by Tracy WillisCity officials broke ground on the Ralph C. Wilson Centennial Park on Tuesday. The park is the last part of the Detroit Riverfront Conservancy’s revitalization plan. The $75 million investment will consist of 22 acres of playscapes and recreational spaces. A $40 million commitment from the Ralph C. Wilson Jr. Foundation kickstarted the 2018 plans for the park. The DRC conducted a study to bring back the best features of nationwide parks to Detroit, and a community advisory team gathered input from Detroit residents
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Nonprofit Partnership Plans New Multifamily Housing
/in Detroit /by Tracy WillisCHN Housing Partners, a Cleveland-based nonprofit, is partnering with nonprofit Detroit Blight Busters to build new multifamily housing by Detroit’s Old Redford Neighborhood. The two nonprofits were approved to rezone the property for the project, but still need site plan approval from the city. They plan to build 48 one- to three-bedroom rental units. A “Kid’s Camp” will also be constructed for Blight Busters programs on youth fitness and nutrition. Construction is expected to start in 2023.
Bedrock LLC Snags The Largest CMBS Loan In Detroit’s History
/in Detroit /by Tracy WillisBedrock LLC has refinanced 14 properties with a $430 million CMBS loan. It is the largest-ever commercial mortgage securities loan in Detroit’s history. The new seven-year loan will mature in January 2029. The portfolio has seven office buildings totaling 2.5 million square feet, five parking decks with over 5,000 spaces and two multifamily properties. The fact that the loan was issued during a global pandemic when workers are continuing to work from home speaks to the confidence of the lenders. The portfolio’s office stock and parking deck revenue are both impacted by the work-from-home trend.
Vacant Detroit Homes Rehabbed and Reoccupied
/in Detroit /by Tracy WillisThousands of once-vacant Detroit homes have been rehabbed and reoccupied over the last two years. U.S. Postal Service data shows that more than 9,000 Detroit residences that were vacant in January 2020 are now occupied. With about 4,000 once-occupied homes that are now vacant, the net increase in occupied housing is more than 6,000. The postal service data looks at whole residences, not individual units. The data shows a healthy housing market. The newly occupied properties are scattered around the city, not located in any one part.