Michigan Real Estate News

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Metro Detroit’s 2022 Commercial Real Estate Update Impresses

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In the past year, the Ilitch family and billionaire development mogul Stephen Ross announced their partnership to build the Detroit Center for Innovation. Since then, no construction has started. Whether or not the plans come to fruition is up in the air. There are currently 10 projects in the works outside of the DCI. They include business incubator space, new office and residential towers, and hotel space. Altogether, $1.5 billion in projects are waiting in the wings. That figure doesn’t include the DCI which would cost $250 million, funded in part with a $100 million earmarked in the state budget.

 

Gilbert Trades Out Brokerage Firms On Hudson’s Project

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Billionaire Dan Gilbert has hired the local office of New York City-based brokerage house Newmark to attract tenants to the new office space he’s building at Woodward and East Grand River avenues. The move marks a switch from the brokerage he had retained previously. The $1.4 billion Hudson’s site project is probably the highest and largest profile in the city, as of late. The market for office space has taken a beating because of the COVID-19 pandemic, pummeling sites like the Renaissance Center, Meridian Health and Compuware Corporation. The leasing of Gilbert’s 400,000 square feet of new build office space faces a challenging market.

 

Washtenaw County Purchases Conservation Property

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Washtenaw County’s Parks and Recreation Commission closed on the purchase of  the Maisel property in Northfield Township on December 1. The purchase increases the county’s system of parks and nature preserves by about 220 acres. The $1.44-million conservation purchase will become one of the largest publicly accessible sites in the Ann Arbor area. Ann Arbor’s greenbelt program covered the majority of the purchase price. The land won’t be open to the public immediately, as the park staff determines trail layout and parking access and demands. Kiosks and trail maps also need to be installed. The large size of the park will offer core habitat for wildlife.