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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.
First Merchants Corp. Closes On Level One Bank Acquisition
/in Outstate, SE Michigan /by Tracy WillisThe Indiana-based lender First Merchants Bank acquired Level One Bank in November. The acquisition has cleared its legal hurdles, and First Merchants Corp. closed on the $323.5 million purchase. The full integration of Level One into First Merchants is expected later this year. The combined bank is one of the 10 largest banks operating in Michigan. Patrick Fehring, Level One CEO, is expected to retire after the completion of the merger, but will join First Merchants’ board of directors next month. The combined bank will have 126 banking offices in Michigan, Indiana, Ohio and Illinois.
Mortgage Companies Expecting Leaner Year in 2022
/in National, SE Michigan /by Tracy WillisThe year 2022 promises to be a leaner year from mortgage companies. The mortgage industry rebounded in 2020 and 2021, propelled by rock-bottom interest rates and consumer demand. In 2022, things are changing. Mortgage rates increased to a level not seen since December 2018. The average 30-year-loan increased from 4.42 percent last week to 4.67 percent on Thursday. Rates have increased more than a percentage point and a half since the new year. Fewer consumers in the refinance pool and the limited housing inventory are contributing to the rate increase.
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The Mid Project Faces Another Delay
/in Detroit /by Tracy WillisThe Mid project, a four-acre development in Midtown, was scheduled to begin in the third quarter this year. The project is now expected to begin in the second quarter of 2022. A spokesperson for the project said that the delays are due to the impact of the pandemic on the industries and components that support the project. The proposal aims to bring two high-rise buildings and other mixed-use development to the north of Detroit’s Whole Foods Inc. store. The project’s two planned phases will both begin in the second quarter. They will include about 300 co-living units, multifamily residential housing, retail space, and a hotel.
Detroit’s Former American Motors Corporation Slated For Redevelopment
/in Detroit /by Tracy WillisThe Kansas City, Missouri-based NorthPoint Development LLC will redevelop the former American Motors Corporation headquarters to the tune of $66 million. An automotive supplier will likely occupy the site. Construction of a 728,000-square-foot industrial facility is planned, pending City Council and other approvals. A specific tenant hasn’t been disclosed, but it’s estimated that the site could employ 300 of more people. Officials expect 150-200 construction workers. NorthPoint’s deal with the city means that the developer would buy 56 acres of land for $5.9 million, including 26 residential parcels owned by the Detroit Land Bank Authority and a Detroit Brownfield Redevelopment Authority-owned property totally 8.5 acres. The $66 million price tag includes the cost to demolish the buildings.
The Detroit Center for Innovation New Location to be Announced
/in Detroit /by Tracy WillisStephen Ross, Chris Illitch, Mayor Mike Duggan and U of M President Mark Schlissel will reveal the Detroit Center for Innovation’s new site this Monday. Wayne County’s aborted jail site was the originally planned site for the center. The announcement invitation says details about a national tech company coming to Detroit will be shared. The original plans co-developed by Related Cos. and Bedrock real estate firm, but that partnership was dissolved last summer.