Michigan Real Estate News

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Detroit’s Retail Scene Is Transforming

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There has been an almost 11 percent increase in the amount of retail space in the five-county area over the last 15 years. Despite the redevelopments of shopping centers and malls and the bankruptcies of big retailers like Neiman Marcus and JCPenney, the region has added 25.5 million square feet of retail space. Retail has adapted from brick-and-mortar stores to fulfillment centers, and food-related and experience-related establishments. The growth in retail space and the increase in overall spending are contributing to retail’s successful adaptation.

 

 

Old GM Stamping Plant Site Purchased By Real Estate Developer

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Franklin Partners has purchased the old GM stamping plant site in Wyoming. The real estate development firm plans to use the 74-acre site for industrial development. The manufacturing plants will range in size from 150,000 to 1 million square feet.  They purchased the site from the city of Wyoming for $5.25 million. According to Wyoming City Manager, Curtis Holt, the property has tremendous potential for manufacturers.

Ann Arbor City Council Approves Rezoning Efforts

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In an 8-3 vote, the Ann Arbor City Council has given initial approval for the rezoning of over 200 acres around Briarwood Mall. The city-initiated rezoning will need final council approval next month. Its intent is to encourage high-density, mixed-use development with limited building heights determined by the proximity of residential areas. City officials are hopeful that it will lead to a mix of housing and commercial spaces.  The three council members who voted against the proposal view the rezoning as a giveaway to developers and landowners.