Michigan Real Estate News

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Detroit Apartment Building Opens With Help From Detroit Housing Fund

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Detroit city officials, along with developers, celebrated the opening of The Charlotte, a renovated apartment building with 28 units. The apartment building is the first project backed by a $75 million private investment fund that was created two years ago to aid developers in building more affordable housing in Detroit. The redevelopment cost $3.19 million and is part of seven projects in the Detroit Housing for the Future Fund pipeline. A $2.55 million loan from a fund managed by the Detroit branch of the Local Initiatives Support Corporation helped bankroll the project. The fund has supported 269 units already completed or in progress.

 

Soured Chicago Land Deal Upsets Public

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Justin Ishbia, the brother of the CEO of Pontiac-based United Wholesale Mortgage, has reneged on a land swap deal with a suburban Chicago park district. Ishbia and his wife bought the 261 Sheridan Road property in November 2020. The property  stands between Elder Lane park and Centennial park. They negotiated a land swap deal with the Winnetka Park District officials, promising to turn the Sheridan Road property over to park district officials in exchange for the southern section of Centennial Park. Residents are urging park district officials to take the multimillion-dollar lakefront parcel by eminent domain. The land swap deal fell apart under public scrutiny of the deal the park officials made with Ishbia.

 

Lansing-Based Company Announces Grand Rapids Satellite

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Lansing-based Clark Construction Company announced this week that it will open a Grand Rapids office in McKay Tower. The office will house the company’s West Michigan outpost. The company has done more than $500 million of work in the Grand Rapids area in the past ten years. The outpost is expected to open in the next 1 to 2 months. The company’s Vice President Dan Korte will lead almost 30 West Michigan employees at the new site. Currently, the company is in the middle of the Gun Lake Casino’s Phase Five project.