Michigan Real Estate News

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Madewell Retailer To Close in Downtown Detroit

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Women’s apparel retailer Madewell is permanently closing its story in downtown Detroit. The 1426 Woodward Avenue location will close on March 27.  Madewell is a brand owned by J. Crew Group, which underwent a Chapter 11 reorganization bankruptcy in May 2020.  After the Detroit store closes, Madeell will still have three locations in Michigan, including one at the Somerset Collection in Troy.

The Detroit Land Bank Authority Expects to Sell Remaining Properties by 2023

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The Detroit Land Bank Authority expects to sell most of its structures by the end of 2023.  The DLBA is responsible for selling vacant homes and lots in the city.  Their focus moving forward will adapt to vacant land sales with the mission to return blighted and vacant properties to productive use.  The Land Bank officials asked the city for $11 million from the general fund for the 2023 fiscal year in order to maintain operations and properties that could be put up for sale.  The DLBA expects to list 5,400 salvageable properties by the end of next year, but needs the money to maintain the properties.

 

Metro Detroit Celebrates It First New Department Store In a Decade

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Bucking the trend of department store closings, the first department store grand opening was celebrated this weekend. It is the first in more than a decade. Von Maur’s new store at The Village of Rochester Hills officially opened this weekend. It is the retailer’s first new store since 2008. The new Von Maur store is located at 400 N. Adams Road.