Michigan Real Estate News

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Detroit’s Core City Project Breathes New Life Into Buildings and Land

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The Core City neighborhood, located west of Woodbridge and about 2 miles from downtown, is one of the most unique real estate projects in the city and the state. It currently spreads across six existing commercial buildings, 10 recently built Quonset hut apartments, plus one large Quonset hut split into eight live-work space. It will be expanding early next year to include more housing. The old commercial buildings are filled with office and retail tenants. The buildings surround a new public space park filled with shade trees and artwork. The Core City project is the brain child of developer Philip Kafka and his real estate company, Prince Concepts.

 

Detroit’s Revitalization Could Have A New Focus

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The global pandemic has turned many things upside down. The office markets around the U.S. are one of those things. Congress may offer developers incentives to repurpose old office buildings into residential, institutional, hotel or mixed-use spaces. While Mayor Mike Duggan has come out in support of the Revitalizing Downtowns Act, area developers do not have active plans to utilize it should the law be passed. The number of Detroit’s residential units lags behind other downtown areas. The legislation isn’t limited to downtown redevelopments but could be used to convert old office properties in the suburban locations into new uses as well.

 

Chaldean Community Foundation Plans Affordable Housing Projects

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The Chaldean Community Foundation has broken ground on its first mixed-use affordable housing site and has another$25 million project in the works. The Macomb County site which got under way on Friday, Oct. 1, will bring 135 apartments and street-level retail to Sterling Heights. It’s a beginning toward addressing the long-term housing needs of almost 1,000 families who go to the foundation for assistance. It will include 9,000 square feet of retail for the Chaldean community. The foundation is negotiating a purchase of more than 6 acres in Farmington Hills for a new Chaldean Community Foundation Campus. The Farmington Hills campus will house a new office for the Chaldean Chamber, a satellite office for the foundation and a senior living center.