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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.
Oakland Mall Sale Expected To Close This Month
/in SE Michigan /by Tracy WillisMario Kiezi, a Troy-based real estate investor and developer, is under contract to purchased Oakland Mall for an undisclosed price. Kiezi’s plans for the mall are unknown. Letters have been sent to the mall’s tenants informing them of the pending ownership change. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels, and Planet Fitness. Once the sale finalizes, it will be the second suburban mall to sell in March. The sale of Fairlane Town Center is also expected to be finalized this month.
Ann Arbor City Council Approves Rezoning Efforts
/in SE Michigan /by Tracy WillisIn an 8-3 vote, the Ann Arbor City Council has given initial approval for the rezoning of over 200 acres around Briarwood Mall. The city-initiated rezoning will need final council approval next month. Its intent is to encourage high-density, mixed-use development with limited building heights determined by the proximity of residential areas. City officials are hopeful that it will lead to a mix of housing and commercial spaces. The three council members who voted against the proposal view the rezoning as a giveaway to developers and landowners.
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Metro Detroit Housing Market Still Heated
/in Detroit, SE Michigan /by Tracy WillisMetro Detroit’s housing market is still hot for sellers and confounding for buyers, although not as intense as in spring and early summer. The median sales price for houses and condos was up over 7% in October from a year earlier, according to Realcomp multiple-listing service. That figure includes Oakland, Wayne, Macomb and Livingston counties. The amount of on-market listings was down almost 13%, and the average days on the market decreased by 7 days when compared with October 2020. The numbers show that sellers are still benefitting, even though the market has cooled a bit from earlier in the year.
Bedrock Gives Tour of Book Tower Progress
/in Detroit /by Tracy WillisOn Thursday, Bedrock gave a tour of its renovation progress on the historic Book Tower. The renovations include restoration of the original limestone and masonry facade, replacing 2,400 period accurate windows, and repurposing former office space into 229 residential units. It will also offer retail, hotel and office space when completed. The $313 million project also includes the 13-story Book Building structure. The development will include retail in the basement and first floor, office space on the second and third floors, and the ROOST Apartment Hotel will occupy floors four to eight, featuring 118 studio, one and two-bedroom units. A rooftop bar and outdoor terrace space are also in the plans.
Joe Louis Arena’s Redevelopment to Include Residential High-Rise
/in Detroit /by Tracy WillisA conceptual plan that was submitted to the city of Detroit in July envisions a 24-story, 290-foot residential high-rise as part of the former Joe Louis Arena’s redevelopment. According to the Sterling Group, the tower would tentatively be named The Louis and house 500 studio and one-bedroom units. Other possible uses in addition to the residential building are unknown. The site has been discussed as a mixed-use development and could potentially include a hotel. The conceptual plan includes the firms of Neumann Smith, Resurget Engineering and Giffels Webter, as well as construction contractor Colasanti.