Michigan Real Estate News

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Cannabis Retailer Opens in Coldwater

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Skymint Inc., Michigan’s largest cannabis retailer, opened its 15th store in half of a vacant department store in Coldwater. According to the company’s president of retail, bigger spaces like the former Sears building are appealing because it gives the store a big blank canvas with which to work. The artsy, boutique-vibed store offers 60 cannabis brands. Skymint has grown quickly since entering the retail market in 2019. It can also be found in Bay City, Big Rapids, East Lansing, Flint, Hazel Park and Lansing.

 

Detroit’s Condo Market Picks Up

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Earlier this year, Detroit’s condominium market had 11 months of inventory. Now, it’s down to 7.6 months of inventory, ranging from downtown to areas east, north and west. That promises a healthy supply and demand, albeit probably short-lived. The rising costs of building materials, as much as 50 percent, are driving construction costs up and could threaten to cripple condo development projects. Increases in price may drive future buyers away. Empty nesters and older buyers are gravitating toward luxury condominium purchases, while first-timers or younger buyers are deciding to purchase single-family homes after seeing the high prices of condos.

MDOT Discusses Plans for Detroit’s Amtrak Site

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In February, the Michigan Department of Transportation met with developers to discuss Detroit’s Amtrak site. They want to build a new intermodal transportation facility on the site, with a mix of transit uses like passenger rail and bus, and maybe even residential and retail. MDOT is exploring private development on the property in an effort to offset the $36 million-$45 million cost of the intermodal facility. MDOT is applying for a federal RAISE (Rebuilding American Infrastructure with Sustainability and Equity) grant through the U.S. Department of Transportation.