Michigan Real Estate News

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Amazon Ditches Square Footage

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Amazon is subleasing at lease 10 million square feet and possibly terminating leases in New York, New Jersey, Southern California and Atlanta. The figure could be as high as 30 million square feet. This is in contrast to the the company’s acquisition of 200 million square feet during the pandemic. In the Detroit area, it’s a different story. The company currently occupies or is building at least 13 million square feet. According to sources, Amazon was more deliberate in the Detroit area, as opposed to other areas where it acquired square footage where it could find it. The company also seems to be dropping smaller spaces and not mega-centers like those in the Detroit area.

 

 

Hotel Residents Demand Affordable Housing

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Evicted tenants who have become hotel residents are about to have their federal aid come to an end. They called on city officials for help finding affordable housing before the federal aid runs out. More than 275 Detroit households have used federal aid through the federal American Rescue Plan to pay for hotels following eviction. The tenants had been informed that the aid would be cut off on June 1. Of the 88 households currently living in hotels and supported by the aid, 40 have received an extension on their end date to June 30. The other 48 already had later end dates.

 

 

Equinox Hotel Planned for Detroit Center For Innovation

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The Detroit Center for Innovation will include an Equinox hotel. The hotel will be designed to host visiting sports teams and will include gyms and a special floor for them to work out. The entire project will encompass a 300-acre district of residential, office, education and entertainment. The center will include a University of Michigan graduate campus. Ross and Ilitch, the muscle behind the project, believe it will attract companies and make local graduates want to stay in the state.