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Ann Arbor Takes Steps Toward a More Walkable Neighborhood
/in SE Michigan /by Tracy WillisAnn Arbor real estate developer, Oxford Companies, plans to build a new apartment building on Ann Arbor’s south side. The space is currently used as parking for its main office. No timeline has been set for construction. The development endeavors to create a more walkable and livable neighborhood. The 226-acre area may potentially be rezoned to allow new buildings up to 300 feet which will develop a high-density and mixed-use area to create a downtown environment. The proposal would require the rezoning of 69 properties, including those around Briarwood Mall.
Washtenaw Conservationists Purchase Acreage
/in SE Michigan /by Tracy WillisThe Michigan Land Conservancy purchased 162 acres of wetlands, forest and former cropland for $1 million. The acreage is located east of Ann Arbor in Superior Township. This is a second purchase toward preservation efforts in Superior Township. Previously, Superior Township leaders voted unanimously to buy 300 acres known as the “Rock property.” The newly-purchased Michigan Land Conservancy parcel is next door to that property and the township-owned Cherry Hill Nature Preserve. The speedy transaction was financed through private loans and donations, including a loan and donation from Detroit Audubon.
Residential Sale Prices Continue Upward Trend
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisProspective buyers in Michigan’s housing market placed higher bids in 2021. A lack of inventory caused a 13.8% increase in residential sale prices in 2021 compared to the same period in 2020. There was a 3% increase in total sales. Branch County, Detroit, Bay County, Sanilac County and Mason, Oceana and Manistee counties reported higher than 20% increases in housing prices. Gratiot, Isabella, St. Joseph, Greater Shiawassee and Hillsdale counties reported less than 7% housing price increases. Antrim, Charlevoix and Kalkaska were the only to counties to report a decrease in home prices (-0.7%).
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Mystery Buyer Is Snagging Detroit Properties
/in Detroit /by Tracy WillisAn unknown entity or entities is purchasing well known Detroit properties. The Film Exchange Building at 2310 Cass Ave. and its parking lot sold for an estimated $8.75 million. The Bookie’s Bar & Grille building at 2208 Cass Ave. sold for an estimated $4.2 million. Both LLC buyers list their addresses as PO boxes, a tactic frequently used by the Illitches who are in talks with Stephen Ross for his Detroit Center for Innovation Project with the University of Michigan. Two other properties at 135 West Montcalm and 231 W. Elizabeth St. have also sold and list a Troy PO box address. All of these properties are within the footprint that Stephen Ross is targeting for his project.
Possible New Location for the Detroit Center for Innovation
/in Detroit /by Tracy WillisBillionaire Stephen Ross and Christopher Ilitch, president and CEO of Ilitch Holdings, are in talks about building the Detroit Center for Innovation within District Detroit. District Detroit is comprised of Ilitch-owned properties around Little Caesars Arena. This is a change from previous plans for a 14-acre Gratiot site where the half-built Wayne County jail once stood. The size and scope of the project at the new site is unknown. The project could be in within walking distance of a multifamily residential or mixed-use development that Ross has planned at Charlotte Street and Third Avenue.
Detroit Landlords Are Given An Ultimatum
/in Detroit /by Tracy WillisDetroit Mayor Mike Duggan has given bad landlords an ultimatum. If they don’t clean, sanitize and restore damaged properties from last month’s flood, they’ll be fined $250 a day. The effort may not be enough in the face of the myriad of difficulties renters face. Year-long delays with home repair grants programs, mortgage challenges, over-assessed properties and a tax foreclosure operation have made things hard. For the first time in 50 years, renters outnumber homeowners, but with a high poverty rate and scarce renter’s insurance, renters are struggling after last month’s floods. They don’t qualify for most home repair programs, nor were they protected when their landlords were foreclosed and their homes were put on the auction block. Many Detroit landlords don’t keep their rental properties in good repair. Experts believe that renter-focused policies is the answer.