Michigan Real Estate News

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New Mixed-Use Development Coming to Ferndale

Ferndale’s Rosie O’Grady site is slated for redevelopment. The Ferndale Planning Commission has approved plans for a mixed-use development on the site. It will become the home to an Atlantic and Pacific seafood restaurant, a Mexican barbecue restaurant, office space, and 11 second story apartments. The one or two bedroom perimeter apartments will have balconies along with hot tubs and natural gas fire places. Apartments in the center of the building will have glass walls facing a private courtyard. The apartments are a requirement by the City and the zoning requirements in the Central Business District.

 

 

 

Mystery Buyer Is Snagging Detroit Properties

An unknown entity or entities is purchasing well known Detroit properties. The Film Exchange Building at 2310 Cass Ave. and its parking lot sold for an estimated $8.75 million. The Bookie’s Bar & Grille building at 2208 Cass Ave. sold for an estimated $4.2 million. Both LLC buyers list their addresses as PO boxes, a tactic frequently used by the Illitches who are in talks with Stephen Ross for his Detroit Center for Innovation Project with the University of Michigan. Two other properties at 135 West Montcalm and 231 W. Elizabeth St. have also sold and list a Troy PO box address. All of these properties are within the footprint that Stephen Ross is targeting for his project.

Possible New Location for the Detroit Center for Innovation

 Billionaire Stephen Ross and Christopher Ilitch, president and CEO of Ilitch Holdings, are in talks about building the Detroit Center for Innovation within District Detroit.  District Detroit is comprised of Ilitch-owned properties around Little Caesars Arena. This is a change from previous plans for a 14-acre Gratiot site where the half-built Wayne County jail once stood. The size and scope of the project at the new site is unknown. The project could be in within walking distance of a multifamily residential or mixed-use development that Ross has planned at Charlotte Street and Third Avenue.