Michigan Real Estate News

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Adaptive Real Estate Trend Is On The Rise

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U.S. developers are embracing the office-to-housing conversion trend.  Between 2020 and 2021, 32,000 new apartment units were created by converting existing building spaces that had been used for other purposes. Forty-one percent were former office buildings. In the last year, Grand Rapids has approved zoning changes that allowed commercial building owners to  convert first-floor retail into residential space.  Other cities leading the adaptive real estate trend include Washington, D.C., Chicago, Los Angeles, and Cleveland.  Last year was the biggest year on record for adaptive real estate.

 

 

Fairlane Town Center Has Sold to Redeveloper

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Sources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its commercial mortgage-backed securities debt on the properties. Centennial took over another Starwood mall mortgage earlier this year.

 

 

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.