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InvestNext Raises $4.3 Million In Venture Capital Financing
/in National, SE Michigan /by Tracy WillisInvestNext Inc., a software firm backed by Detroit billionaire Dan Gilbert, has closed on a venture capital financing round to the tune of $4.3 million. The company’s software goal is to help investors and fund managers keep track of pertinent details and documents involved in real estate investments. Hyde Park Venture Partners, Detroit Venture Partners, Whitecap Venture Partners and Grand Ventures participated in the funding round. InvestNext Inc. now has more than 18,000 active investors and has paved the way for more than $.4 billion in transactions.
Fowling Warehouse to Open in Ypsilanti
/in SE Michigan /by Tracy WillisRoyal Oak resident Scott Brown is opening a Fowling Warehouse location in Ypsilanti. The original Fowling Warehouse was established by Chris Hutt in 2014. The game is part football/part bowling. Prior to finding the Ypsilanti space, Brown looked in Lansing, Lake Orion and Indianapolis. His Ypsilanti location will be the sixth in the franchise. Other locations include Grand Rapids, Indianapolis, Atlanta, Cincinnati and Hamtramck. All have opened in last seven years. No opening date is set yet for the Ypsilanti location, but it will feature 20 indoor fowling lanes. Players may bring in their own food or have it delivered, and two bars will be on site.
NTT Ltd Subleases Its Headquarters Space in Southfield Town Center
/in SE Michigan /by Tracy WillisNTT Communications Corp., Formerly know as Secure-24, has walked away from its 100,000-square-foot headquarters in the 4000 Town Center high rise in Southfield. They’ve put the space up for sublease along with a 9,000-square-foot property in Auburn Hills. The company signed the Southfield lease in September 2019, prior to the pandemic. The bad timing of the COVID-19 pandemic may have contributed to the company’s recent listing of the property. The asking price is $19 per square foot.
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Detroit’s Rental Market Shows Decline
/in Detroit /by Tracy WillisThe vacancy rate for apartments rose 16% in the fourth quarter, double what it was in the first quarter of 2020. Pre-pandemic occupancy rates were at 92%. They currently hover in the mid-80s. Landlords are offering move-in deals and lower rental rates to moderate the decline. Anecdotal data suggests that renters left when their jobs pivoted to virtual work or with the closures of area businesses like restaurants, bars, and sports and music venues. Developers predict the downward trend is temporary.
Detroit Transit Center’s Placement Upsets Preservationists
/in Detroit /by Tracy WillisPlans for a new $7 million Detroit transit center are moving forward despite an outcry from preservationist groups. The new bus hub would require the demolition of two historic state fairground structures: The State Fair Riding Coliseum and the Dairy Cattle Building. The city agreed to conduct a three month study on the feasibility of saving them, but preservationist argue that the process hasn’t been prioritized and reuse hasn’t seriously been considered.
Detroit Demolition and Renovation Begins Soon
/in Detroit /by Tracy WillisWith the passing of November’s Prop N, which approved the sale of $250 million bonds, demolishing and renovating is set to begin (again) in Detroit. The project starts with $175 million in bonds, and the city plans to sell another $75 million next year. 8,000 homes blighted homes will be destroyed, and another 8,000 salvageable homes will be renovated. The seven companies taking part in the project are headquartered in Detroit. Five of those companies are black-owned.