Michigan Real Estate News

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Popular FM Radio Stations Find New Home in Eastern Market

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The building at 2529 Orleans St. in the Eastern Market will soon be the new home for the studios and offices of iHeartMedia Inc. The $24 million redevelopment will house radio stations Channel 95.5, 97.9 WJLB,100.3 WNIC, 106.7 WLLZ, Mix 92.3 FM and the Black Information Network on 1130 AM. Mojo in the Morning, Jay Towers, Bush Man, Dr. Darrius, Ya Girl and Doug Podell and Trudi Daniels will all work and broadcast from the Orleans St. location. Production and other staff will also be housed in the building. The build-out is expected to be finished in May. iHeartMedia studios and local space are currently located in Farmington Hills at 27675 Halsted Road.

 

 

Detroit’s Commercial Property Transactions Lower Than National Average

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Nationally, commercial property transaction volume broke records last year. But in metro Detroit, that was not the case. Last year wasn’t a bad year for property deals in Detroit; there were $1.9 billion in sales across 3,678 deals. 2021 was the fourth-highest year since 2006. Low cap rates, inflation hedging helped to fuel the surge in commercial acquisitions. Property buyers are expecting appreciation in the next few years. Rent growth in multifamily apartments and the industrial, warehouse and distribution sectors are also adding to value growth.

 

 

Northville Downs Property Sparks Heated Exchange

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The Northville Planning Commission met for 3 1/2 hours to discuss The Downs planned development’s preliminary site plan. The meeting ended with a motion to table the discussion until the commission’s next meeting on February 15. The commission’s contract with the Northville Community Center, where the meeting was held,  expired at 10:30 p.m. The meeting included a 23-minute presentation by city planner Sally Elmiger, an approximately 70-minute site plan presentation by Hunter Pasteur, a 32-minute period when commissioners asked clarifying questions to the developers and roughly 48 minutes of public comment regarding the site plan. Hunter Pasteur CEO Randy Wertheimer addressed the commission and stated that ending the meeting without a vote was unacceptable. Commissioners countered that more time was needed for further discussion.