Ilitch And Ross Release Detroit Center Renderings
/in Detroit, SE Michigan, Uncategorized /by Tracy WillisStephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district. The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation. They expect to break ground on the project in 2023.
David Whitney Building Hotel Builds On And Rebrands
/in Detroit, SE Michigan /by Tracy WillisThe David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.
Home Costs Rise As New Building Permits Dip
/in SE Michigan /by Tracy WillisAs interest rates and materials costs rose, the number of single-family home permits in metro Detroit fell in April. The number of permits across Detroit Metro counties dropped to 303 in April from 414 in March. That’s a 27% drop. When compared to April 2021, they number of permits dropped 31%. Builders whose business was split between commercial and residential projects have seen it flip to entirely commercial. They cite rising costs, interest rates and supply chain issues. Buyers don’t have the money to cover the rising costs during actual construction. In addition, there aren’t enough workers to keep up with labor demands.
Buick City Site Development To Create Thousands of Jobs
/in SE Michigan /by Tracy WillisA possible development for the Flint’s former Buick City site could be a game changer for the city, potentially creating thousands of jobs. Real estate developer Ashely Capital has the site under contract. The $300 million construction plans are dependent on financing environmental remediation for the site. The funding gap is $15-$20 million. The city of Flint is working with the state and county to come up with the needed funding. If the deal is finalized, construction could start as early as next year.
The Future of Office Space is Changing
/in Detroit, SE Michigan /by Tracy WillisThere has been big movement in office space leasing. The Bank of America building in Troy will no longer house the Bank of America! Deloitte consulting firm confirmed its plans to leave the Renaissance Center. GM’s COVID-era “work appropriately” policy has contributed to the Ren Cen’s quieter-than-usual atmosphere. With Deloitte’s departure, the Renaissance Center will be only 53.5 percent leased. Businesses continue to adapt with post-pandemic in-person work plans.
Office Space Continues Its Radical Metamorphosis
/in Detroit, SE Michigan /by Tracy WillisDetroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating employees to locations in Bloomfield Hills, Auburn Hills and Farmington Hills. The headquarters’ prominence, location and amenities may interest prospective tenants.