Michigan Real Estate News

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Judge Orders Packard Plant Demolition

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A Wayne County Circuit Judge has ordered the Packard Plant owner Fernando Palazuelo to immediately demolish the deteriorating industrial site and foot the cost of the demolition after missing a trial date. The Peruvian developer and his attorney missed a March 24 trial date. The structures that sit on two 2-acre sites are dangerous and threaten the public’s welfare. The demolition could cost millions of dollars and has been ordered to begin by early June. It’s required to be completed by the end of June. Palazuelo has until April 21 to pull permits for demolition of his portions of the plant.

 

Ann Arbor Rezones Briarwood Mall Area

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The Ann Arbor City Council recently voted to permit reclassifying over 200 acres around Briarwood Mall under the city’s new TC1 transit-corridor zoning category. The rezoning of 68 properties in the State Street and Eisenhower Parkway commercial area makes way for downtown-style development on the city’s south side. According to the mayor, the council’s steps will create a substantial amount of housing units in the city.  The goal is to encourage high-density, mixed-use development. Building height limits range from 550-300 feet and depend on how close sites are to residential areas.

Rocket Promises a “Fast 15 Guarantee”

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Rocket Pro TPO launched a program that guarantees financing to close in 15 days. The move is meant to convince brokers to choose them over the rival United Wholesale Mortgage. Called the “Fast 15 Guarantee,” Rocket Pro TPO plans to run the promotion until the end of the month and promises to award a $2,500 lender credit to borrowers whose loan does not close on its promised due date. Government, FHA and VA loads do not apply, and the program isn’t available in 16 states, including New York, Massachusetts and Rhode Island.