Michigan Real Estate News

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Riverfront Hotel Plans Pivot to Apartment Development

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The Detroit-based City Growth Partners LLC has scrapped its plans for boutique hotel rooms in a Detroit riverfront development. The $136 million vision for the property now includes 478 apartments instead of an original 360 apartments and 120 boutique hotel rooms. The revised number of apartments will make it one of the largest new multifamily projects in Detroit. The development will still include retail space. The Detroit Economic Growth Corp. board will have to sign off on the changes to the development plan because it is publicly-owned land. The changes have yet to be presented to the board.

Detroit Metro Municipalities Flip to Renter Communities

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Inkster, Pontiac and Auburn Hills were once communities where the majority of residents were homeowners. According to U.S. census data, analyzed by the apartment search website RENTCafé,  the municipalities have shifted to become majority-renter communities. Port Huron and Hazel Park are close to having more renters than homeowners, too. The changes occurred in each city as foreclosures jumped and home values dropped. The increase in suburban rentals may be because people are delaying home purchases.

InvestNext Raises $4.3 Million In Venture Capital Financing

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InvestNext Inc., a software firm backed by Detroit billionaire Dan Gilbert, has closed on a venture capital financing round to the tune of $4.3 million. The company’s software goal is to help investors and fund managers keep track of pertinent details and documents involved in real estate investments. Hyde Park Venture Partners, Detroit Venture Partners, Whitecap Venture Partners and Grand Ventures participated in the funding round. InvestNext Inc. now has more than 18,000 active investors and has paved the way for more than $.4 billion in transactions.