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Landmark Office Real Estate Up For Grabs
/in Detroit, SE Michigan /by Tracy WillisNearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.
Chaldean Community Foundation Plans Affordable Housing Projects
/in SE Michigan /by Tracy WillisThe Chaldean Community Foundation has broken ground on its first mixed-use affordable housing site and has another$25 million project in the works. The Macomb County site which got under way on Friday, Oct. 1, will bring 135 apartments and street-level retail to Sterling Heights. It’s a beginning toward addressing the long-term housing needs of almost 1,000 families who go to the foundation for assistance. It will include 9,000 square feet of retail for the Chaldean community. The foundation is negotiating a purchase of more than 6 acres in Farmington Hills for a new Chaldean Community Foundation Campus. The Farmington Hills campus will house a new office for the Chaldean Chamber, a satellite office for the foundation and a senior living center.
Multifamily Building Permits At Highest Levels in Decades
/in SE Michigan /by Tracy WillisThe 2021 total of multifamily housing construction building permits in southeast Michigan has exceeded the total for the last 20 years! So far, 1,762 permits have been issued, making 2021 the best year since 1998. Even as the housing market continues to stay hot, many people are more interested in renting. Along with multifamily housing, new home construction is also up. August was the 15th straight month in which more than 300 permits were issued.
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New Midtown Development Details Emerge
/in Detroit /by Tracy WillisFarmington Hills-based City Club Apartments, LLC, has a $95 million vision for its Midtown development. The Detroit Planning Commission will consider a rezoning request for a 2.3 acre chunk of land at a February 4 hearing. The development will include a 16 story tower with 273 apartments, a complementary building with 77 apartments and 12,500 square feet of street level retail space. A one-story building with 32,000 square feet will house a national general merchandise retailer; retailer specifics are presently unknown. Construction begins this summer on the southeast corner of Woodward and Mack.
Downtown Detroit Has Glut of Condos – One Year Supply On Market
/in Detroit /by Dave NykanenBased on an analysis by a Detroit residential broker, there is a one-year supply of condos for sale in the Downtown Detroit market. According to the broker, 4-6 months is considered a “balanced” market, so the existing one-year supply is a clear buyer’s market. It appears the rush to develop new condos in Detroit to meet rising demand happened too quickly, with a glut now on the market. There are successes, to be sure, but the pricing of some condos appears to be aggressive for the market.
Postponed Detroit Projects Dependent on Pandemic Effects
/in Detroit /by Tracy WillisThe pandemic brought Detroit area projects to a screeching halt. By summer, many of them had resumed. The outcome of these projects, ranging from apartment developments to a small-format Meijer, hinges on how many office workers return to Detroit, how soon sports fans will feel safe at sporting events, if restaurants and hotels will fill up again, and if Detroit-area lofts will remain as desirable as they were pre-pandemic.