Macomb Subdivision Sold to Ohio-Based Builder
/in SE Michigan /by Tracy WillisColumbus, Ohio-based homebuilder, M/I Homes has purchased 66 lots in Washington Township. The shovel-ready lots sold for more than $3 million. The lack of inventory for homebuilders heightened M/I Homes interest in the lots. The company is expected to build homes between 2,800 and 3,500 square feet.
Metro Detroit Home Purchases Decline
/in Detroit, SE Michigan /by Tracy WillisAccording to data from RE/MAX, home purchases in metro Detroit had the fourth largest decline in the country. RE/MAX surveyed metro areas, and Detroit had a 19.6 percent decrease in closed homes in July. Factors that likely contributed to the decline include Michigan’s coronavirus-related lockdown that lifted in June last year, creating a backlog of pending sales that exploded into July. This lifted that month’s 2020 total. Buyers are exercising more caution and questioning the prudence of paying more than the asking price. Add the recent weather and flooding into the picture and potential buyers hesitating while flood-damaged homes are fixed. Limited inventory is also a contributing factor.
High-Rise Towers Planned for Ann Arbor Lot
/in SE Michigan /by Tracy WillisThe Ann Arbor Housing Commission is finalizing plans that call for a 20-story tower and a 14-story tower buildings. The city is leveraging new tax revenues to build affordable housing that could fund 1,500 new units over the next 20 years. The city’s plans include 370 housing units with a little less than half of them for tenants earning up to 60% of the area median income. The remaining units would be at market rate. The 14-story tower would include 90 rental apartments, and the 20-story tower would include 280 housing units. The new dwellings will include a mix of studios, one-bedroom and two-bedroom units.
Eastland Center Mall Gasps Its Last Breaths
/in SE Michigan /by Tracy WillisEastland Center shopping mall is expected to close early next year. Its demolition will make way for a warehouse. The 1-million-square-foot mall is down to 10% occupancy. Its anchor department store have been closed for years. With the mall owner’s June announcement that it is selling the property to NorthPoint Development of Kansas City, Missouri, more Eastland tenants have packed up and closed their doors. NorthPoint will most likely keep the mall open through the holidays and then close it in January. Demolition could begin as early as February.
Northville Downs Discussion is Back on the Table
/in SE Michigan /by Tracy WillisHunter Pasteur Homes, Forbes Company, Toll Brothers and Oboran have submitted a conceptual presentation for an August 30 virtual meeting with the Northville Planning Commission. Hunter Pasteur is renewing its efforts to purchase the Northville Downs harness horse-racing facility and surrounding parking lots after a two-year hiatus. In the past, Northville residents were resistant to the increased population and traffic density the original plans would’ve created. Hunter Pasteur representatives held feedback sessions with Northville residents to gain an understanding of what residents would like to see (or not) if the property was developed. After pandemic-related delays and community feedback sessions, Hunter Pasteur has revised its original plans.
Luxury In The Forecast For Muskegon
/in Northern Michigan /by Tracy WillisThirty acres of Muskegon waterfront property are slated for a $250 million redevelopment project that includes luxury condos, a marina, restaurant, event space and expanded public trails. Adelaide Pointe QOZB LLC revealed the details of their plans for the Adelaide Point project to city officials and environmental advocates. The developer began acquiring the properties in March of 2021. The project aims to double the size of public access and expand trails, greenspace, and fishing areas. Over the next two years, the goal is to construct one of the 5 residential buildings, a 55-unit luxury condominium building, a marina, and a multi-use building that will include restaurant, retail and event spaces. The Adelaide Point project is a ten-year plan.