High Demand and Low Supply Drive Livingston County Market
/in SE Michigan /by Tracy WillisA more affluent and green space is a combination that is bringing a lot of people to Livingston County. According to Census data, the county saw a 7 percent growth rate from 2010 to 2020. It’s one of the fastest growing counties in the state with a population of more than 193,000 people. Home prices continue to rise, although areas like Fowlerville remain more affordable than surrounding areas. Even with the area’s historical reputation for Ku Klux Klan activity and racial intolerance, there is still more demand for housing than there is supply.
Strings Attached to Development of Northville Downs Property
/in SE Michigan /by Tracy WillisHunter Pasteur Homes’ request for planned unit development eligibility for the Northville Downs property was approved by the Northville Planning Commission. The redevelopment presentation was heavily scrutinized during the almost 5-hour meeting. However, the approval comes with attached strings. The developer must submit a current traffic study, provide values of benefits, the funding it is committed to cover, and the funding requested by the city for public benefits. The segregation of residential uses and the addition of a farmers market as a public benefit must also be addressed by Hunter Pasteur Homes. Planning commissioners approved the eligibility with a 7-1 vote.
Joe Louis Arena’s Redevelopment to Include Residential High-Rise
/in Detroit /by Tracy WillisA conceptual plan that was submitted to the city of Detroit in July envisions a 24-story, 290-foot residential high-rise as part of the former Joe Louis Arena’s redevelopment. According to the Sterling Group, the tower would tentatively be named The Louis and house 500 studio and one-bedroom units. Other possible uses in addition to the residential building are unknown. The site has been discussed as a mixed-use development and could potentially include a hotel. The conceptual plan includes the firms of Neumann Smith, Resurget Engineering and Giffels Webter, as well as construction contractor Colasanti.
Self-Storage Real Estate Sector Is On Fire
/in Detroit, SE Michigan /by Tracy WillisThe self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.
Development Team Buys Auburn Hills and Canton Township Sites
/in SE Michigan /by Tracy WillisThe development team of Farmington Hills-based Friedman Real Estate and Southfield-based General Development Co. has bought 40 acres of land in Auburn Hills for $3.7 million and 18 more acres in Canton Township for an undisclosed price. This is the same team behind the Oakland Technology Park in Auburn Hills. The team plans to build about 740,000 square feet of new build-to-suit space with 390,000 square feet in Auburn Hills and 350,000 square feet in Canton. The Auburn Hills site is at the former site of the Oakland County Animal Control. The Canton site is in the Canton Industrial Park south of I-275 and east of Warren Road.
Troy Property Sells for $34 Million
/in SE Michigan /by Tracy WillisA Baltimore buyer, the Continental Realty Corp., has purchased Oakland Center and Oakland Square for $34 million. The property at 14 Mile and John R roads is across from Oakland Mall. It totals 392,000 square feet and is 87% leased by tenants that include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness.