$37 Million Hospice Long-Term Care Facility Coming to Grand Rapids
/in Grand Rapids /by Tracy WillisBeaumont Health and Spectrum System has begun construction on a $27 million long-term care, hospice and dialysis center in Grand Rapids. The facility will span 94,000-square-feet and is expected to be complete by spring 2024. The facility will include 125 beds, as well as art therapy and other therapeutic programs. The new center is replacing the current continuing care facility located on Fuller Avenue. Currently, the Fuller Avenue facility provides post-acute rehab, including care for accident and stroke victims. Those services will move to another property underway on Leffingwell Avenue NE. All employees of the Fuller Avenue sub-acute rehab and long-term care facility will have the opportunity to transfer to other locations.
Three Dispensaries and Processing Facility to Open in Grand Rapids
/in Grand Rapids /by Tracy WillisTommy Nafso, former metro Detroit lawyer and state regulator, and Darel Ross, a Grand Rapids entrepreneur, have partnered to open three cannabis dispensaries and a process facility. They will open the first of the three Noxx dispensaries at 2440 28th St. NW in Grand Rapids this month. A soft launch is planned for Aug. 22, along with a grand opening September 10. The second dispensary will open in late September. The processing and dispensing facility will be Noxx’s main production and will open in mid-November. Noxx’s three dispensaries will be the most operated by one company in Grand Rapids. The partners plan to hire 150 employees across the three locations.
$116 Million Amphitheater Approved by Grand Rapids Leaders
/in Grand Rapids /by Tracy WillisIn April, the Grand Rapids City Commission approved a proposal by the Grand Rapids-Ken County Convention/Arena Authority (CAA) to buy over 11 acres of land to build an amphitheater. At its board meeting on Friday, the commission approved a memorandum of understanding with Grand Action 2.0 (GA2.0) that outlines the terms of partnership between CAA and Grand Action 2.0 in developing the amphitheater. The proposed $116 million amphitheater will seat 12,000. It will sit at the southwest edge of downtown Grand Rapids and be slightly smaller than Pine Knob Music Theater in metro Detroit. The CAA is a seven-member board that administers DeVos Place, DeVos Performance Hall and Van Andel Arena. Grand Action 2.0 is an economic development group chaired by Carol Van Andel, Dick DeVos and Tom Welch, Michigan’s regional president of Fifth Third Bank.
Metro Detroit Home Builders Hold Pessimistic Outlook for 2023
/in SE Michigan /by Tracy WillisInterest rates continue to rise. Issues with labor availability, materials costs and supply chain slow downs persist. New construction waiting lists are shrinking because people are priced out of the new homes they had set their sights on. Home builders are mired in pessimism as the industry slows. Detroit builders are shifty to other types of development, including remodeling work, self-storage and multifamily apartments. Builders are normally trying to dig basements and frame houses before winter hits, but that isn’t the case this year. September 2022 saw the lowest number of housing permits pulled since 2011. Rising interest rates continue to impact the market. In contrast, multifamily permits are having their best year since 1998.
Trinity Health Systems Plans Mixed-Use Development in Grand Rapids
/in Grand Rapids, SE Michigan /by Tracy WillisLivonia-based Trinity Health System has its sights set on 10 parking lots in downtown Grand Rapids, but it’s not for a new hospital site. They are seeking $19 million in federal funding to convert the lots into a mixed-used development to ease the city’s affordable housing shortage. Trinity was one of 319 applicants to submit requests to Kent County for a share of the $127 million awarded to the county in American Rescue Plan Act (ARPA) funding. The Kent County Board of Commissioners will most likely finalize its remaining ARPA allocations at a November 14 meeting. Trinity Health is exploring additional funding sources for the project, including Brownfield Redevelopment Authority tax credits, Michigan Community Revitalization Program and Michigan Missing Middle Housing Program funds and a philanthropy and capital allocation from Trinity itself.
Sterling Heights City Council Approves Lakeside Mall Redevelopment Plan
/in SE Michigan /by Tracy WillisFollowing two hours of discussion, the Sterling Heights City Council approved a redevelopment plan that will raze Lakeside Mall. The proposed Lakeside Town Center project will include 150,000 new square feet of retail and dining space. Miami-based Out of the Box Ventures will tear down the shopping center and replace it with more than 2,800 residential units, and new retail, office and hotel space over the course of 12 years. The project has a $1 billion price tag. A $45 million public bond will be issued to pay for public infrastructure improvements at the site located at Hall and Schoenherr roads.
Novel Financing Helps With Inadequate Housing Issues
/in Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisAn inadequate supply of housing is creating problems for businesses and crippling economic development in many communities. As a result, some communities are turning to tax increment financing. Tax increment financing (TIF) enables a developer to regain some of the upfront costs for a project by securing an increase in property taxes for a period of years and diverting them until the spending is repaid. Once the agreed-upon costs are paid off, the higher tax increment goes to local government. TIF has been around for a while but using it to allow new housing to be built that would be affordable to residents is a novel idea. It’s being used where labor and supply costs wouldn’t otherwise allow affordability.
Amazon to Add Four New Michigan Sites
/in Grand Rapids, SE Michigan, Western Michigan /by Tracy WillisAmazon will add four new sites in 2022 and 2023. The announcement is expected on Wednesday. It will open its first mid-Michigan fulfillment center and three more facilities in the Metro Detroit and Grand Rapids areas. The new sites include a 1 million-square-foot fulfillment center just west of Lansing, a sort center and delivery station in the Grand Rapids area, and a delivery station in Canton Township. Amazon has created more than 21,000 jobs in Michigan so far. With the new site in the Lansing area, the company expects to create more than 500 full-time jobs. The other centers will create hundreds of jobs, as well.
The Lake Lifestyle Carries a Price Tag
/in Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisA recent report from LakeHomes.com is based on real estate property for sale and listing data collected in August of 2021. It includes list price and the volume of listings. Any lake with fewer of 10 home listings for sale was eliminated from the report. Michigan has $2.7 billion in lake homes and lots for sale, with the number of listings totaling 5,508. Lake Michigan makes up for half of the top 10 most expensive lakefront areas. It is also number 5 on the top most expensive lake home markets, nationally. Smaller inland lakes also landed on the state list and include Torch Lake, Lake Leelanau and Lake Charlevoix.
KSL Capital Partners Expands Its Mackinac Island Profile
/in Northern Michigan /by Tracy WillisKSL Capital Partners purchased Mackinac Island’s Grand Hotel more than two years ago and is expanding its Mackinac Island footprint. It now owns Bicycle Street Inn and Suites, a collection of 3 boutique hotels on Main Street. They also hold Waterfront North and Waterfront South and the restaurant, Winchester’s Whiskey and Bourbon Room.
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.
Posh Storage Units Coming to Petoskey and Charlevoix
/in Northern Michigan /by Tracy WillisPetoskey and Charlevoix are gaining new high-end and climate-controlled storage units. Developer Aston Clark is building the Toy Box Luxury Storage Units. The warehouses will be between U.S. 31, between Petoskey and Charlevoix. Each unit will have heat and air conditioning, a bathroom, a kitchen, loft and balcony with views of the lake. The 2,300 square foot units will be available starting May 4. According to the Michigan Self-Storage Association, the demand has gone up for storage in Northern Michigan.
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Metro Detroit’s Affordable Housing Shortage Continues
/in National, SE Michigan /by Tracy WillisHigh rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that limit where housing can be built as well as wage growth that hasn’t kept up with inflation contribute to keeping the supply low. Average sales prices of homes in Michigan have risen 84 percent between January 2013 and October 2021. Pre-pandemic, nearly one in five homeowners spent more than 30 percent of their income on housing. That figure worsened over the pandemic.
Adaptive Real Estate Trend Is On The Rise
/in Grand Rapids, National /by Tracy WillisU.S. developers are embracing the office-to-housing conversion trend. Between 2020 and 2021, 32,000 new apartment units were created by converting existing building spaces that had been used for other purposes. Forty-one percent were former office buildings. In the last year, Grand Rapids has approved zoning changes that allowed commercial building owners to convert first-floor retail into residential space. Other cities leading the adaptive real estate trend include Washington, D.C., Chicago, Los Angeles, and Cleveland. Last year was the biggest year on record for adaptive real estate.
Rising Mortgage Rates Impact The Housing Market
/in National, SE Michigan /by Tracy WillisRising mortgage rates are not dampening buyer demand. However, getting an offer accepted is no small feat. The rising mortgage rates haven’t brought down prices yet. Buyers could be feeling a sense of urgency to find a home before rates increase further.
Buyers Can Afford To Be Choosy As Housing Market Slows
/in Detroit, SE Michigan /by Tracy WillisWith rising interest rates, the fast and furious pandemic-era housing market has slowed. Metro Detroit home buyers have time to make thoughtful choices. Homes are sitting longer, and buyers are able to take time with inspections and decisions. Buyers’ questions have shifted from “How many offers?” to “Can we get a better deal on this house?” As home prices continue to increase, sales are dropping and homes are sitting on the market longer. The average number of days on the market in September was 29. The median sales price is 2.3% higher than last year. Sales are down nearly 20%.
Duggan-Targeted Riverfront Apartment In Foreclosure
/in Detroit /by Tracy WillisThe former River Plaza Apartments, a rundown apartment building between old Whittier Hotel and Owen Park, has fallen into foreclosure. The two-building property went into foreclosure with Columbia, Maryland-based Enterprise Community Loan Fund Inc. The property, one of 100 similar properties, was targeted by Mayor Mike Duggan to rid the city of blighted buildings. It’s unclear if the administration is still seeking demolition and there is no update on the plans. The foreclosure was scheduled at the end of December but was postponed multiple times; it finally took place in late August. The owner, Kathy Makino-Leipsitz, has until February 25, 2023 to redeem the properties.
WeWork Closing Cass Avenue Location
/in Detroit, SE Michigan /by Tracy WillisNYSE:WE, the New York City-based coworking space provider has announced that it’s closing its space at 6001 Cass Avenue, effective November 10. According to a WeWork spokesperson, they have two other coworking space locations in the immediate area. Three years ago, the company more than doubled its space at the time, adding the 91,000-square-foot location. The location is one of three in Detroit. The company communicated with tenants that they may be relocated to the Detroit locations downtown.