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Apartment Complex Planned at Walker Golf Course Property
/in Western Michigan /by Tracy WillisThe Walker Planning Commission recently approved a preliminary site plan for a 522-unit multifamily apartment complex at the English Hills Country Club property. Further,the Planning Commission also approved a rezoning request for the adjacent property at 1470 Four Mile Road NW. The rezoning request for the adjacent parcel is from agricultural to high-density residential. In addition to Planning Commission approval, that request will also need approval from the Walker City Commission. About half of the proposed apartments will be one-bedroom units. Forty percent would be two-bedroom units and 10 percent would be three-bedroom units. The apartment buildings will take up approximately 30 percent of the two properties, which total 142 acres. The average unit size is 1,000-square-feet.
Michigan Real Estate News Headlines – April 5, 2021
/in Weekly Roundup /by Dave NykanenMortgages
Mortgage rate increase hits lenders as refinancing surge fizzles
Mortgage Firms Warned to Prepare for a ‘Tidal Wave’ of Distress
Need a Mortgage Loan? Good Luck. Lenders Are Tightening Standards.
Evictions
Some landlords sell properties as CDC extends eviction ban
Landlords fear some tenants using eviction moratorium as free pass on rent
National
Home prices see highest gain in nearly 15 years
A hint of what’s to come for dying malls: Phoenix mall owner sells out as property is rezoned for other uses
West Michigan
552-unit apartment complex planned at Walker golf course property
Detroit
Former Lear building in Capitol Park sold to H.W. Kaufman Group affiliate for new Detroit office
Grand Rapids
30-unit apartment development near Medical Mile approved over neighborhood concerns
Southeast Michigan
DTE Energy pulls out of downtown Ann Arbor, leaving big void to fill on Main Street
Village of Rochester Hills welcomes new retailers including Robert Redford’s Sundance, Busted Bra Shop
Developer building luxury shipping container homes in Ypsilanti Township
Outstate
Buyers flock to Bay City, Michigan for ultra-low home prices
Weekly Brief – March 29
/in Weekly Brief /by Dave NykanenMichigan’s two largest metro areas are exceptionally different.
I had the opportunity to spend time in the Grand Rapids metro area in the past week. Metro Grand Rapids development is reminiscent of the sprawl in metro Detroit in the 1990s through the early 2000s. New subdivisions and neighborhood shopping centers are under construction in many areas of metro Grand Rapids. Grand Rapids remains in a growth and sprawl mode.
The Detroit metro area, on the other hand, has matured in its development. Development in metro Detroit (excluding, perhaps, northern Macomb County and the far western edges of Oakland and Wayne Counties) is infill or reuse. Redevelopment, rather than new development, is the primary project.
Grand Rapids still has plenty of greenfield development. Those developments have the potential to be less expensive to develop, as there is less assemblage to negotiate, and fewer legacy development issues to resolve (such as utility relocation).
Grand Rapids may, in a few decades, have to deal with the reuse and infill development issues that Detroit currently confronts. However, for the time being, development in metro Grand Rapids raises entirely different issues than development in metro Detroit.