Michigan Real Estate News

Timely  |  Relevant  |  Informative

Developer Backs Away From Big Boy Site

/in /by

The site of Detroit’s only Big Boy restaurant, across from Belle Isle, is back on the market. The Platform LLC has backed away from its plans to build new apartments on the site. The Farbman Group is marketing the property for an undisclosed price. According to a Platform spokesperson, the company remains committed to its work in Detroit. The Platform had envisioned an 8-10-story apartment building with 240 studio, one- and two-bedroom units.

Former Hyatt Regency Hotel Has Sold

/in /by

Rhodium Capital Advisors closed on the purchase of the former Hyatt Regency hotel in Dearborn on Wednesday. The Manhattan-based real estate company purchased the property for an undisclosed sum. The company owns and operates 17,000 apartments across the U.S. It plans to convert the 772-room hotel into a multifamily, market-rate apartment complex with 375 unites. Phase 2 of the $50 million project includes renovation of the restaurant and banquet space on the property.

Northville Psychiatric Hospital Site Slated For Demolition

/in /by

The state psychiatric hospital site in Northville Township will be demolished as early as the summer of 2022. The hospital has been closed since 2003. The Northville Township Board of Trustees approved a $12 million bond sale to fund the clearing of the site. Previously in 2018, the site’s nine-story structure was demolished in 2018. The property will be developed into hiking and biking trails, with over 96% of the 332 acre site returned to a natural state. The township’s general fund will not be used to pay for the clearing.