Michigan Real Estate News

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City of Novi Purchases Land for Conservation Efforts

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The city of Novi is purchasing 8 acres of vacant property with the aim to preserve woodlands and make improvements on Beck Road. According to City Manager Pete Auger, the city will continue to purchase property to maintain wetlands and woodlands using tree fund dollars. However, the $249,000 purchase of the two parcels on Edinborough Lane will come from the general fund. A public meeting regarding Beck Road is expected to take place in January. The road has capacity issues, and improvements have been discussed for years.

 

Ann Arbor’s Plans for Blighted Site Take Shape

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Ann Arbor’s plans for the transformation of a blighted site across from the YMCA are in the works. The SmithGroup presented new drawings to the Planning Commission that show how the Treeline urban trail for pedestrians and cyclists could run through the east side of the site along the railroad tracks. They include a new housing building and courtyard on the west side of the site that would provide a mix of affordable and market-rate housing. The city is trying address many different public interests with this site. The site plans have been changed multiple times. The newest drawings are still not the plan’s final draft.

 

 

Historic Detroit Hotel Sold

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Hotel developer Oxford Capital Group LLC and hedge fund Taconic Capital Advisors LP purchased the Westin Book Cadillac hotel in downtown Detroit. They assumed the $77 million in commercial mortgage-backed securities debt owed by the Ferchill Group. They’ll complete the $16.5 million tower renovations over the next two years. The property will remain open throughout the renovation. According to the Detroit Economic Growth Corp., the PA 255 tax abatement is critical the project. It freezes the property taxes at pre-improvement levels after the building has been renovated. Without it, the project would not have gone through.