Soured Chicago Land Deal Upsets Public
/in SE Michigan, Uncategorized /by Tracy WillisJustin Ishbia, the brother of the CEO of Pontiac-based United Wholesale Mortgage, has reneged on a land swap deal with a suburban Chicago park district. Ishbia and his wife bought the 261 Sheridan Road property in November 2020. The property stands between Elder Lane park and Centennial park. They negotiated a land swap deal with the Winnetka Park District officials, promising to turn the Sheridan Road property over to park district officials in exchange for the southern section of Centennial Park. Residents are urging park district officials to take the multimillion-dollar lakefront parcel by eminent domain. The land swap deal fell apart under public scrutiny of the deal the park officials made with Ishbia.
Cookie-Cutter Duplexes Could be Making a Comeback
/in SE Michigan /by Tracy WillisRemember pattern book or catalog homes? Returning to classic home patterns could increase the number of multi-family units across the state, potentially adding new housing and more density while new single-family construction slows down. The Michigan Municipal League is proposing pattern-book homes that take one back to the days of the catalog homes that were built across metro Detroit a 100 years ago. Pattern-book homes include blueprints for duplexes, triplexes and quads, creating lower-cost housing units in neighborhoods. According to the Michigan Municipal League’s program manager, pattern-book homes could fill the housing option gap. T
Detroit’s Satellite Suburbs Boom With New Home Construction
/in National, SE Michigan /by Tracy WillisOuter-ring suburbs are booming with new residential construction and newly paved roads despite the rising interest rates that are causing the resale home market to slow. According to census data, more than 3,000 new single-family homes were ok’d to be built from January to July of 2022. New construction in satellite suburbs of larger cities is a national trend. Rising interest rates have had an effect on the new-home market. New-home permits are down 10 to 15 percent from last year, but the demand isn’t gone. Lower lumber prices and the continued high demand for housing have helped builders.
The Gillespie Group to Transform Lansing’s Former Sears Location
/in Northern Michigan, Western Michigan /by Tracy WillisThe Gillespie Group is looking to transform a major business corridor in Lansing, Michigan by developing a former Sears location. Located at 3131 E. Michigan Ave., the property is being marketed as ROECO as a tribute to Sears Roebuck. Gillespie Group’s project aims to transform the property into a mixed-use entertainment destination. It has already hooked the attention of local and national investors. The new development would come to be as thousands of new housing units are being built across the Lansing area. ROECO is situated in the heart of the region and across the street from new dining, housing and hotel rooms. The timeline and and final product of the project will be in flux as the Gillespie Group continues to find new partners.
Dearborn Issues Demolition Notice for Village Plaza Tower
/in SE Michigan /by Tracy WillisVillage Plaza tower, a 12-story office building in Dearborn, is slated for demolition. According to Dearborn Mayor Abdullah Hammoud, the city has issued a demolition notice to the property owners after several attempts address the notices of violation. The demolition notice was issued after an August 12 city inspection. The 285,468-square-foot building has evacuated in early 2018 because of safety issues.
Paper Trail Links Birmingham’s Townsend Hotel to Yellen
/in SE Michigan /by Tracy WillisWhile Sheldon Yellen is mute about his pending purchase of the Townsend Hotel in Birmingham, state business filings and documents speak volumes. The Michigan Liquor Control Commission has received an application to transfer the liquor license from the hotel’s current owners to an entity called BHIP Townsend Hotel LLC. The entity is registered at the Oakland Avenue address for Yellen’s Birmingham-based property restoration company, Belfor Holdings Inc., whose CFO is Chris Jones. Chris Jones is named on the BHIP filing, as well as attorney Alan J. Schwartz who is identified on other business filings as Yellen’s attorney.