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Agree Realty Corporation Portfolio Balloons
/in SE Michigan /by Tracy WillisWhen opportunity knocked, Agree Realty Corp. listened. The Bloomfield Hills-based real estate investment trust capitalized on the COVID-19 pandemic and has doubled its portfolio size and outgrown its recently-expanded headquarters. It will redevelop the former 50,000-square-foot Art Van Furniture Inc. store into a new base of operations. The company has focused on retail properties leased to investment-grade tenants. They’ve bought up properties with a diverse mix of tenants, strengthening their multi-faceted retail game. In less than 3 years, the company’s portfolio has increased from 660 to 1,404 properties across 47 states. Their growth is expected to continue in 2022.
Fenton’s Red Fox Outfitters Building Proposed For Event Venue
/in SE Michigan /by Tracy WillisApplicants Chelsie Welch and Core Cunningham of Cruwood Granary have submitted a special land use permit to turn the Red Fox Outfitters building into a special event banquet facility. The Fenton Planning Commission will hold a public hearing on January 27 to consider the permit. If approved, the facility could host events for up to 200 people. The property is located at 234 N Leroy Street in Fenton in the central business district. It’s current use is listed as retail. The applicants are required to show how the plans support the master plan and maintain cohesiveness with the character of the vicinity.
Michigan’s Rental Aid is Backlogged as Need Continues Rise
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy Willis173,000 tenants have applied for the statewide rent aid program that was launched to help renters avoid eviction and meet their payments. Wayne County makes up about one-third of the applicants. Detroiters make up 22% of the rent help applicants. According to the chief operating officer of the Wayne Metropolitan Community Action Agency, they continue to see high numbers of requests for support. The Census Bureau’s Household Pulse Survey reports that between Dec. 1 and Dec. 13, more than 100,000 Michiganders said they were behind on rent or mortgage payments. Less than half of the applications for assistance were approved as of January 7. Statewide, wait time between application and approval averages 35 to 40 days. In Wayne County, that wait time may take as long as 10 weeks. MSHDA has hired staff combat the backlog and high numbers of applications in Wayne County