Michigan Real Estate News

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Grand Rapids and Grand Haven Receive State Funding For Contamination Cleanup

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The Michigan Department of Environment, Great Lakes and Energy has awarded a $1.73 million brownfield cleanup grant to Grand Rapids and Grand Haven. The monies will be used for three residential and mixed-use projects on properties contaminated by gas and oil. Grand Rapids’ Boston Square Together is one of the projects that will benefit from the grant, enabling the Brownfield Redevelopment Authority to address the environmental contamination on the site. The monies will also be used for future commercial condominiums in Grand Haven and a planned residential development in northeast Grand Rapids.

 

New District Detroit Development Includes Hotels, Housing, Retail and Offices

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Olympia Development and Related Companies have released details about a $1.5 billion development that create housing, retail and hotel properties in the District Detroit.  The plans include 695 mixed-income residential unites, 1.2 million square feet of commercial office space, 100,000 square feet of retail and 467 hotel rooms across 10 downtown Detroit properties. The project will involve constructing six buildings and renovating four buildings. Upon completion, the project is expected to create more than 6,000 jobs and generate more than $500 million in wages annually.

 

City Living More Affordable Than Suburban

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In the month of October. while home prices continued to increase, sales fell sharply in metro Detroit. According to RE/MAX of Southeastern Michigan, rising mortgage rates led to the drop in sales. RE/MAX of Southeastern Michigan sows a 28.3% decrease in sales, and Realcomp showed sales decreased 26.7%. Both report an increase in median sales price of 4.3% or higher. Livingston, Macomb, Oakland, Wayne and Washtenaw counties were consistent in both prices and homes sales data. However in comparison, Detroit has greater affordability, decreasing only 2.3% in sales, making city living more in reach than in the suburbs.