Affluent Atlanta Neighborhood Self-Segregates
/in Outstate /by Tracy WillisNovel Financing Helps With Inadequate Housing Issues
/in Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisAn inadequate supply of housing is creating problems for businesses and crippling economic development in many communities. As a result, some communities are turning to tax increment financing. Tax increment financing (TIF) enables a developer to regain some of the upfront costs for a project by securing an increase in property taxes for a period of years and diverting them until the spending is repaid. Once the agreed-upon costs are paid off, the higher tax increment goes to local government. TIF has been around for a while but using it to allow new housing to be built that would be affordable to residents is a novel idea. It’s being used where labor and supply costs wouldn’t otherwise allow affordability.
The Lake Lifestyle Carries a Price Tag
/in Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisA recent report from LakeHomes.com is based on real estate property for sale and listing data collected in August of 2021. It includes list price and the volume of listings. Any lake with fewer of 10 home listings for sale was eliminated from the report. Michigan has $2.7 billion in lake homes and lots for sale, with the number of listings totaling 5,508. Lake Michigan makes up for half of the top 10 most expensive lakefront areas. It is also number 5 on the top most expensive lake home markets, nationally. Smaller inland lakes also landed on the state list and include Torch Lake, Lake Leelanau and Lake Charlevoix.
New York Company Steps Up for Dearborn Hotel
/in Detroit /by Tracy WillisAn unidentified New York-based company is under contract to buy the former Dearborn Hyatt Regency hotel from the U.S. Marshals Service. Previously, the property was under a $27 million deal that envisioned top-floor condominiums and a hotel on the bottom floors. That deal fell through with the buyer backing out at the end of the inspection period. The current deal is for $17 million. A broker for the sale disputes that figure. The company intends to redevelop the hotel into a mix of 375 market-rate apartments and a small hotel.
Detroit Area Hotel Business Travel Takes a Hit
/in Detroit /by Tracy WillisDetroit area hotels’ business travel revenue is taking a hit. It’s expected to be 2/3 lower than pre-pandemic levels. According to the American Hotel & Lodging Association, the region’s hotels are expected to generate $187 million this year. That’s a 67.4% drop. Michigan hotels are expected to lose 59.8% of their business travel revenue this year. Nationally, hotels could be down by more than $59 billion by the end of the year in business travel. A rebound isn’t projected until 2024.
Reusing Old Mall Sites Takes a Creative Turn
/in National, SE Michigan /by Tracy WillisRedeveloping dead shopping mall sites in the metro Detroit area isn’t about attracting the big box stores. The hottest concepts for reusing old mall sites include warehouses, distribution centers, storage units and middle-income housing. For example, Livonia and Wonderland mall sites have become Livonia Marketplace and Wonderland Village. Experts say that retail-focused approaches are less effective now due to the prevalence of online shopping.