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Fairlane Town Center Sale Expected Soon
/in SE Michigan /by Tracy WillisNew York city-based company is expected to close next month on the Fairlane Town Center shopping mall in Dearborn. Should the sale fall through with the undisclosed buyer, a back-up buyer is ready to sign a contract and move forward. Fairlane Town Center was built in 1976 and has had financial struggles in recent years. The current ownership is behind on its debts.
Dearborn Mayor Has High Hopes For Fairlane Town Center
/in SE Michigan /by Tracy WillisThe Dearborn Mayor hopes to turn the Fairlane Town Center site into the “heartbeat of our city.” Affordable housing and green space are only two of the many possibilities that could reinvigorate the mall. He wants to brainstorm with business leaders to improve the space. Mayor Hammoud envisions an affordable housing project, a public health project, an environmental sustainability project, and a flood mitigation project. He wants to pitch ideas to area developers to formulate a plan that will utilize the available city, county and state resources.
Lyon Township Approves Plan For Orchard Crossing Development At Erwin’s Property
/in SE Michigan /by Tracy WillisThe Lyon Township Planning Commission recommended final plan approval for residential components of the Orchard Crossing development on the Erwin Orchards site. It will create 121 single family homes and 40 duplex homes on 77 acres. The orchard’s operations will continue for now. A pedestrian crossing over Silver Lake Road has not been resolved, and it will be delayed until there’s further development on the orchard operations. The plan includes a paved event center parking lot, a larger bake shop and farmer’s market, a tasting room and a possible drive-thru. The construction of homes will be done in four phases as homes sell, but there isn’t a specific construction timeline.
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Inadequate Housing Plagues Detroiters
/in Detroit /by Tracy WillisA new report from the University of Michigan estimates that 90,000 Detroiters live in inadequate housing. The study found that residents of color, rental tenants, people with children and those who earn less than $60,000 annually are impacted the most. The study considers housing inadequate if it has major problems with electrical needs, furnace or heating problems, or a lack of hot or running water. 81% of survey respondents had at least one problem with their home condition. The greatest complaints included concerns about plumbing, pests, and crumbling porches.
Riverfront Hotel Plans Pivot to Apartment Development
/in Detroit /by Tracy WillisThe Detroit-based City Growth Partners LLC has scrapped its plans for boutique hotel rooms in a Detroit riverfront development. The $136 million vision for the property now includes 478 apartments instead of an original 360 apartments and 120 boutique hotel rooms. The revised number of apartments will make it one of the largest new multifamily projects in Detroit. The development will still include retail space. The Detroit Economic Growth Corp. board will have to sign off on the changes to the development plan because it is publicly-owned land. The changes have yet to be presented to the board.
Self-Storage Real Estate Sector Is On Fire
/in Detroit, SE Michigan /by Tracy WillisThe self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.