Michigan Real Estate News

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Ilitch And Ross Release Detroit Center Renderings

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Stephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district.  The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation.  They expect to break ground on the project in 2023.

 

 

 

David Whitney Building Hotel Builds On And Rebrands

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The David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.

 

 

Home Costs Rise As New Building Permits Dip

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As interest rates and materials costs rose, the number of single-family home permits in metro Detroit fell in April.  The number of permits across Detroit Metro counties dropped to 303 in April from 414 in March. That’s a 27% drop. When compared to April 2021, they number of permits dropped 31%.  Builders whose business was split between commercial and residential projects have seen it flip to entirely commercial. They cite rising costs, interest rates and supply chain issues. Buyers don’t have the money to cover the rising costs during actual construction. In addition, there aren’t enough workers to keep up with labor demands.