Michigan Real Estate News

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KSL Capital Partners Expands Its Mackinac Island Profile

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KSL Capital Partners  purchased Mackinac Island’s Grand Hotel more than two years ago and is expanding its Mackinac Island footprint. It now owns Bicycle Street Inn and Suites, a collection of 3 boutique hotels on Main Street. They also hold Waterfront North and Waterfront South and the restaurant, Winchester’s Whiskey and Bourbon Room.

 

Abandoned Fisher Body Plant To Be Redeveloped

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The Fisher Body Plant No. 21 in Detroit will be repurposed into more than 400 apartments and will include retail space.  Fisher 21 Lofts is a $134 million project that will be up for site approvals later this spring. Redevelopment could start late next year and be completed by 2025. The project would include 433 for-rent apartments. Twenty percent of those would be set aside for below-market rents. It would also include 28,000 square feet of commercial and retail space and 15,000 square feet of co-working space.  The former auto body factory has been abandoned for 30 years.

 

Oakland Mall Sale Expected To Close This Month

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Mario Kiezi, a Troy-based real estate investor and developer, is under contract to purchased Oakland Mall for an undisclosed price. Kiezi’s plans for the mall are unknown.  Letters have been sent to the mall’s tenants informing them of the pending ownership change. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels, and Planet Fitness. Once the sale finalizes, it will be the second suburban mall to sell in March. The sale of Fairlane Town Center is also expected to be finalized this month.