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Houghton Rezoning Requests Meet Different Results
/in Northern Michigan /by Tracy WillisThe Houghton City Council considered two rezoning requests along the Houghton Canal Road. The council approved a request from JRG Development to rezone Houghton Canal Road property from single family residential to community business. However, they denied a similar request by Isle Royale Seaplanes. Council members and residents have concerns about noise pollution, and interruption to and accidents with residential recreation vehicles in the canal. Environmental concerns were also cited.
Weekly Brief – March 1, 2021
/in Weekly Brief /by Dave NykanenThis week’s discussion is about change. Although it is hopelessly cliche, the only constant in the real estate marketplace is change.
In past weeks, I have discussed the change that will be caused by the decline of bricks and mortar retail (especially malls), the rise of cannabis-related uses, the decline of video stores, and the long-term impact of electric and autonomous vehicles.
This week brings several stories about further changes. In Farmington Hills, we see a brand new hotel development quickly pivoting to senior housing. Also in Farmington Hills, we see vacant industrial space being redeveloped into multifamily housing.
At the national level, we see L Brands shifting its Bath & Body Works store mix away from mall locations. L Brands is also continuing to see its store count for Victoria’s Secret, another mall retailer, decline. And near Kalamazoo, we have another mall that is about to fail. All of these mall locations will be the subject of reuse.
Change is constant in real estate.
Farmington Hills Hotel Pivots Due To The Pandemic
/1 Comment/in SE Michigan /by Tracy WillisThe Farmington Hills’ Holiday Inn and Suites, NW Detroit, is shifting its focus. Due to the pandemic, hospitality and restaurants have taken a beating. Southfield-based Group 10 Management is converting the hotel (which was opened in 2018) into senior independent living quarters. 76 apartment units would be created from 133 hotel rooms in the current hotel layout. The company has kept two other properties in the same location open as hotels as there is a need for extended-stay facilities.