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Michigan’s Foreclosure Numbers Highest in the Country
/in Detroit, National, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisMichigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.
Rezoning Proposal Heads to Ann Arbor City Council
/in SE Michigan /by Tracy WillisAnn Arbor’s Planning Commission voted to recommend City Council approve the rezoning of 68 properties along State Street and Eisenhower Parkway into a new high-density development zone. The proposal would rezone 226 acres by Briarwood Mall and allow downtown-style development to occur, transforming the area into a mixed-use neighborhood. According to City Planner Alexis DiLeo, the proposed rezoning could potentially add hundreds of homes to the area.
Royal Oak Neighbors and School District Oppose Pot Businesses
/in SE Michigan /by Tracy WillisOn Tuesday, the Royal Oak City Planning Commission will vote on two special land use permits that would allow the city’s first recreational marijuana facilities to put down roots. Proponents of the controversial vote believe that Gatsby Cannabis Co. and Royal Treatment sites will blend well with existing commerce and neighborhoods. The opponents question if the decision would pose disruptions to nearby schools and neighbors. Gatsby Cannabis Co. is near Oakland Schools Technical Campus-Southeast, and Royal Treatment is in a residential area, near a mixed-used industrial area with a large number of single-family residential homes. The Oakland Schools Superintendent Dr. Wanda Cook-Robinson sent out a “Call To Action” email to the parents of more than 600 students concerning the Gatsby Cannabis Co.
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Duggan Predicts Office to Residential Shift
/in Detroit, National, SE Michigan /by Tracy WillisAccording to Detroit mayor, Mike Duggan, downtown Detroit is in for a dramatic shift in the next 2-3 years. He predicts that Detroit’s office buildings will be repurposed from offices into housing. He believes that this shift will be a national trend. He points to a 16-story apartment building near Greektown as an example. With more construction going on than in the last 50 years, the majority of it is residential, manufacturing and distribution.
New York Company Steps Up for Dearborn Hotel
/in Detroit /by Tracy WillisAn unidentified New York-based company is under contract to buy the former Dearborn Hyatt Regency hotel from the U.S. Marshals Service. Previously, the property was under a $27 million deal that envisioned top-floor condominiums and a hotel on the bottom floors. That deal fell through with the buyer backing out at the end of the inspection period. The current deal is for $17 million. A broker for the sale disputes that figure. The company intends to redevelop the hotel into a mix of 375 market-rate apartments and a small hotel.
Detroit Area Hotel Business Travel Takes a Hit
/in Detroit /by Tracy WillisDetroit area hotels’ business travel revenue is taking a hit. It’s expected to be 2/3 lower than pre-pandemic levels. According to the American Hotel & Lodging Association, the region’s hotels are expected to generate $187 million this year. That’s a 67.4% drop. Michigan hotels are expected to lose 59.8% of their business travel revenue this year. Nationally, hotels could be down by more than $59 billion by the end of the year in business travel. A rebound isn’t projected until 2024.