Michigan Real Estate News

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Rochester’s Royal Park Hotel Sells

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Memphis-based Fairwood Capital LLC has purchased the Royal Park Hotel in downtown Rochester. The hotel is located at 600 E. University Dr.  and will be run by Pivot Hotels & Resorts, the same company that manages the Grand Hotel on Mackinac Island. The hotel has 142 rooms and more that 20,000 spare feet of event and meeting space, as well as the Park 600 restaurant.

 

Sugar Loaf Demolition Completed But Cloaked in Mystery

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Speculation among community residents runs rampant as the new owners of the blighted Sugar Loaf ski lodge complex make good on their promise.  A fence rims the demolition site that is now the staging area for work crews who are crushing the remaining asphalt and making topsoil runs up to the top of what was once the ski hill. Residents are curious about what’s next, but anyone who is in the know isn’t talking. The property was purchased in late 2021 by SPV 45 LLC who said it would remove the blighted buildings and clean up the property.  A real estate advisor for the owners recently attended the annual meeting for townhouse owners who asked many questions. Unfortunately, they didn’t get any answers about the future.

Deeply Affordable Housing Units Planned for Detroit

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Developers Cinnaire Solutions, Woodbridge Neighborhood Development Corp., CHN Housing Partners and Detroit Blight Busters will create nearly 200 new units for at-risk residents. The four new housing projects will created 183 affordable units for residents who earn 60 percent of the area median income ($42,960 for a family of two). The projects will also include 20 market-rate apartments. Old Redford, Midtown, Woodbridge and MorningSide neighborhoods are the site of the new units. They are funded, in part, by $38 million in Low-Income Housing Tax Credits from the state.