Michigan Real Estate News

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Downtown Royal Oak Main Art Theatre’s Days May Be Numbered

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The 80-year-old Main Art Theatre in downtown Royal Oak could soon be demolished. An A.F. Jonna Development LLC affiliate has submitted plans to tear down the theater and replace it with a 5-story mixed-use building. The developer will appear before the Planning Commission on April 12 to present plans for a new 71-foot building that would include 9,200 square feet of commercial space. A restaurant and a retailer would split the space. The 2nd floor would accommodate 31,000 square feet of office space. The third through fifth floors would include 54 new residential units.

 

The Mall at Partridge Creek Faces Receivership Sale

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The Mall at Partridge Creek in Clinton Township is facing new ownership. Its current owner, Florida-based Starwood Capital Groups, is struggling to make debt payments. The timeframe for the sale is unknown, and the company has declined comment. Starwood bought both Fairlane and the Mall at Partridge Creek in 2014. They’ve fallen into receivership and under new management in the past several months due to unpaid CMBS loans. The current balance is about $120.7 million as of last month, up from $89 million in August.

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.