Development Coming for Low-Income Seniors
/in Western Michigan /by Tracy WillisSamaritas moves forward with its plant ot build a 4-story building with 54 apartments for low-income seniors. The development will go up near the recently renovated Al Perri furniture building and will allow Samaritas to consolidate its child and family service in the greater Muskegon and lakeshore area. Construction is slated to being in early 2021.
Affordable Housing Becomes Scarce in Traverse City
/in Northern Michigan /by Tracy WillisOn May 1, when Governor Gretchen Whitmer signed an exectuive order allowing Michigan’s real estate industry to get back to work, the Traverse City market rocketed. The pent-up high demand for real estate, along with the reconfiguration of social patterns due to remote work created an explosion in real estate demand. However, potential buyers may be priced out of the local market.
Northern Michigan Real Estate Booms As Builders Struggle To Meet Demand
/in Northern Michigan /by Dave NykanenRising construction costs, due in part to a stressed supply and demand chain, cause Northern Michigan builders to focus on high-end homes in the interest of profits. Moderate and low-income buyers struggle to find affordable housing. MSHDA has established a program for the 2020-2021fiscal year to aid lower-income buyers purchase homes at an attainable price point.
Family Video Pivots Once Again
/1 Comment/in Outstate, SE Michigan /by Tracy WillisFamily Video will close about 60 Michigan locations in the next month. A decline in foot traffic and new movie releases due to COVID-19 has contributed to the closures. However, the owners will still be in the game because they own the underlying real estate. The strategy of purchasing corner properties located in close proximity to neighborhood traffic has made the properties highly desirable for future tenants.
Courthouse Grille Slated to be Demolished – Again!
/in SE Michigan /by Tracy WillisPlymouth township residents want the former Courthouse Grille demolished, sooner rather than later. Development companies have made plans in the past, but ultimately backed out. Hope is on the horizon with District Capital Detroit’s plan to build a multi-story residential complex.
Macy’s Announces More Store Closings
/in National /by Tracy WillisMacy’s will close 45 stores nationwide by the middle of 2021. These closures come on the heels of the company’s February 2020 announcement of their plans to cut 2,000 jobs and close roughly 125 locations. The company received a credit line of $3.15 billion in June of 2020 which has allowed it to survive the impact of COVID-19. The timing of the store closings may be adjusted as Macy’s monitors its recovery from the pandemic and the performance of its competitors.