Office Space Continues Its Radical Metamorphosis
Detroit 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.
Metro Detroit’s Affordable Housing Shortage Continues
High rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that limit where housing can be built as well as wage growth that hasn’t kept up with inflation contribute to keeping the supply low. Average sales prices of homes in Michigan have risen 84 percent between January 2013 and October 2021. Pre-pandemic, nearly one in five homeowners spent more than 30 percent of their income on housing. That figure worsened over the pandemic.
Fairlane Town Center Has Sold to Redeveloper
Sources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its commercial mortgage-backed securities debt on the properties. Centennial took over another Starwood mall mortgage earlier this year.
Google Joins Ford as Founding Member of Michigan Central
/in Detroit, SE Michigan /by Tracy WillisTechnology giant Google announced on Friday that it will be part of the mobility district at the former Michigan Central Depot in Corktown. Ford has emphasized that the campus will be a collaborative district where other companies will work on mobility products and services. Google’s involvement will focus on workforce development for local high school students and job seekers. It will also provide cloud technology for Michigan Central’s mobility projects, including a new Code Next Lab to teach computer science to high school students. Google is also partnering with local nonprofits to offer a career 3-6 month certification designed to equip participants with skills for in-demand fields. Ford will recognize the certificate and consider program graduates for jobs.
Bedrock CEO Shares Ways to Attract Innovative Talent to Detroit
/in Detroit /by Tracy WillisAccording to Bedrock CEO, Kofi Bonner, Bedrock has an opportunity to grow a globally significant innovation district in the heart of Detroit. The Detroit area has the land, talent and necessary capital to sustain growth. Bonner cites advantages in next generation technologies that impact mobility, defense, clean energy, cybersecurity, fin tech, agricultural science and life science sectors. Over the last ten years, Rocket Companies and other finance and technology companies distributed throughout the Bedrock portfolio have completed the first phase of a “business-led” downtown district. The next growth phase will emphasize attracting special units of higher education, advanced global research institutions and technology labs, as well as contain programming to build close relations between scientists, companies and startups.
Union Street Space Listed for $7.5 Million
/in Detroit /by Tracy WillisMario Kiezi, owner of the former Union Street Detroit restaurant and the Midtown Liquor & Deli store, has listed the property for $7.5 million. He has listed it with O’Connor Real Estate. He originally envisioned converting it into a grocery store. Those plans may still come to fruition as two regional grocers have recently toured the building. The two-story building is situated at Woodward Avenue at Willis Street. The first floor has had various commercial uses in the past, and the top floor has been empty since the 1960s when it was used for eight residences.