Michigan Real Estate News

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Corktown Parking Deck Sold for $15.6 Million

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The Ford Motor Company sold a 1,250+ space parking deck for an estimated $15.6 million. Howard Luckoff, Jim Ketai and the Rakolta family who make up the Corktown Mobility Hub LLC purchased the property. Devon Industrial Group is currently constructing the deck. It should be finished by the second quarter next year. Ford will hold the master lease for the garage, and Luckoff and Ketai’s Vokal Ventures will operate it. According to Richard Bardelli, Ford’s construction manager in Corktown, the sale is in keeping with Ford’s plan to bring on development partners. The deck includes an autonomous vehicle testing area, e-bike and e-scooter stations, charging stations for electric vehicles and automated payment technology and smart guidance systems.

Detroit’s Revitalization Could Have A New Focus

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The global pandemic has turned many things upside down. The office markets around the U.S. are one of those things. Congress may offer developers incentives to repurpose old office buildings into residential, institutional, hotel or mixed-use spaces. While Mayor Mike Duggan has come out in support of the Revitalizing Downtowns Act, area developers do not have active plans to utilize it should the law be passed. The number of Detroit’s residential units lags behind other downtown areas. The legislation isn’t limited to downtown redevelopments but could be used to convert old office properties in the suburban locations into new uses as well.

 

Chaldean Community Foundation Plans Affordable Housing Projects

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The 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.