Michigan Real Estate News

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Ann Arbor City Council Approves Rezoning Efforts

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.

 

Downtown Birmingham Office Building Sells for $14 Million

Farmington Hills-based Bacall Companies LLC has purchased a downtown Birmingham office building and parking deck at 380 N. Old Woodward Ave for $14 million. The company plans to invest $1 million in renovations that will include tenant improvements. Renovations will begin in the next 45 days. The 42,000-square-foot building is 100% leased and is the second key downtown Birmingham office building sold this year.

 

Fairlane Town Center Sale Expected Soon

New York city-based company is expected to close next month on the Fairlane Town Center shopping mall in Dearborn. Should the sale fall through with the undisclosed buyer, a back-up buyer is ready to sign a contract and move forward. Fairlane Town Center was built in 1976 and has had financial struggles in recent years. The current ownership is behind on its debts.