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Detroit’s Hotel Boom Is Just The Beginning
/in Detroit /by Tracy WillisDetroit’s hotel market is showing signs of revitalization. Operators and developers are investing millions in new and renovated properties. Hotel occupancy is coming back to pre-pandemic levels after a lean-to-starvation year in 2020. Cambria Hotel Detroit Downtown is expected to open in February. Corktown’s Godfrey Hotel, west of downtown, is slated to open in the spring. The Westin Book Cadillac’s $20 million renovations begin next month. In addition, Olympia Development and Related Companies have plans to build two hotels as part of a $1.5 billion investment in the District Detroit. Operators of Huntington Place are pushing for the construction of hotels at the former Joe Louis Arena site. The tourism industry hopes to attract more large-scale events, like the 2027 NCAA Men’s Basketball Final Four that was awarded to the city last month.
Developer Plans 250-Unit Project For Grand Rapids’ Celebration Village
/in Grand Rapids /by Tracy WillisVictory Development Group is planning a 250-unit mixed use project in Grand Rapids’ Celebration Village. The developer is seeking a planned redevelopment district amendment for Celebration Apartments, a mixed-use apartment project it is proposing. The Grand Rapids City Planning Commission will hear the request on January 12. Victory Development group will ask for a change in use or character of the development, an increase in residential density, and an increase to five stories from the maximum allowable building height of four stories. The project would be located on the only remaining vacant parcel in the Celebration Village commercial development. Victory Development Group is the firm behind the 280 Ann and Victory on Leonard apartment projects on Grand Rapids’ northwest side.
Michigan’s Residential Real Estate Market Is Stabilizing
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisThe 2023 real estate market is finally starting to look like it might normalize. Seasonality is back in the resale market, and rent increases and high supply costs have mostly stabilized. However, interest rates will remain high, pricing some buyers out of home ownership. Some materials costs continue to be issues. While materials costs have rebounded for the most part, builders are now more conditioned to check on lead times and suggest alternatives if long waits are indicated. Building materials that once took eight months to arrive are now arriving after 4-6 weeks. Lumber is at pre-pandemic prices, while materials like concrete continue to be expensive. Rents are stabilizing. Fewer people are leaving apartments to buy homes, and people are doubling up. Home sale prices are dropping in some areas, like Wyandotte, Southgate and Riverview. Experts are expecting the industry market to contract, with realtors who are inexperienced in a tight market leaving the business.