Townhouse Plymouth Township Development Approved by Trustees
/in SE Michigan /by Tracy WillisOn April 26, the Plymouth Township Board of Trustees voted 4-2 to approve the Toll Brothers’ and Pomeroy Living’s Plymouth Walk planned 369-unit townhouse/apartment development, despite the concerns of residents. Neighbors expressed concerns about increased traffic issues in the area and the elimination of green space. The developers agreed to spend $1.8 million to pave the dirt roads and add sidewalks to the Eastlawn subdivision north of the development. That willingness swayed the decision of at least two of the trustees.
Metro Detroit’s Home Prices Highest in Decades
/in Detroit, National, SE Michigan /by Tracy WillisMetro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.
Metro Detroit’s Affordable Housing Shortage Continues
/in National, SE Michigan /by Tracy WillisHigh rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that limit where housing can be built as well as wage growth that hasn’t kept up with inflation contribute to keeping the supply low. Average sales prices of homes in Michigan have risen 84 percent between January 2013 and October 2021. Pre-pandemic, nearly one in five homeowners spent more than 30 percent of their income on housing. That figure worsened over the pandemic.
Downtown Royal Oak Main Art Theatre’s Days May Be Numbered
/in SE Michigan /by Tracy WillisThe 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
/in SE Michigan /by Tracy WillisAbandoned Fisher Body Plant To Be Redeveloped
/in Detroit, SE Michigan /by Tracy WillisThe 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.