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Adrian Mall Proposal Includes Mixed-Use Redevelopment

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An Adrian Mall proposal aims to redesign the mall into a mixed-use facility that will include multifamily residential housing, anchor business tenants, and different options for retail and dining establishments. A church and self-storage units are also planned. The Adrian Planning Commission hasn’t voted on the proposal yet, but they’ve entered into discussion about the pre-application presentation. Some commissioners expressed optimism toward the presented ideas. An important part of the project is to demolish the water-damaged and mold-laden portion of the mall. Both conditions caused the mall to be condemned two years ago.

 

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Historic Detroit Hotel Sold

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Hotel developer Oxford Capital Group LLC and hedge fund Taconic Capital Advisors LP purchased the Westin Book Cadillac hotel in downtown Detroit. They assumed the $77 million in commercial mortgage-backed securities debt owed by the Ferchill Group. They’ll complete the $16.5 million tower renovations over the next two years. The property will remain open throughout the renovation. According to the Detroit Economic Growth Corp., the PA 255 tax abatement is critical the project. It freezes the property taxes at pre-improvement levels after the building has been renovated. Without it, the project would not have gone through.

 

 

 

The Mid Project Faces Another Delay

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The Mid project, a four-acre development in Midtown, was scheduled to begin in the third quarter this year. The project is now expected to begin in the second quarter of 2022. A spokesperson for the project said that the delays are due to the impact of the pandemic on the industries and components that support the project. The proposal aims to bring two high-rise buildings and other mixed-use development to the north of Detroit’s Whole Foods Inc. store. The project’s two planned phases will both begin in the second quarter. They will include about 300 co-living units, multifamily residential housing, retail space, and a hotel.

 

Detroit’s Former American Motors Corporation Slated For Redevelopment

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The Kansas City, Missouri-based NorthPoint Development LLC will redevelop the former American Motors Corporation headquarters to the tune of $66 million. An automotive supplier will likely occupy the site. Construction of a 728,000-square-foot industrial facility is planned, pending City Council and other approvals. A specific tenant hasn’t been disclosed, but it’s estimated that the site could employ 300 of more people. Officials expect 150-200 construction workers. NorthPoint’s deal with the city means that the developer would buy 56 acres of land for $5.9 million, including 26 residential parcels owned by the Detroit Land Bank Authority and a Detroit Brownfield Redevelopment Authority-owned property totally 8.5 acres. The $66 million price tag includes the cost to demolish the buildings.

Ford Land CEO Says Goodbye

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Dave Dubensky, the CEO of Ford Land and the man responsible for the Michigan Central Station deal, is ending his five year tenure.  He pushed for change and implemented a plan to transform company property in Michigan, throughout the U.S. and around the world. Ford Land manages a total of 240 million square feet of real estate. According to Dubensky, Ford Land focused on modernizing and elevating experiences for global employees that walk through the door of any Ford building in an effort to retain and attract talent.

 

 

Children’s Health Center Construction Underway in Flint

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The Genessee Community Health Center, will be completed by next September. The Genesee Community Health Center will house all the children’s services programs of the Genesee Health System. It will be located on a parcel of land on the outskirts of downtown Flint. The center will encompass 60,000-square-feet and cost $22 million. The cost is covered through private and public funding, including grants and new-market tax credits.  Genesee Health System is a provider for Genessee County adults with serious mental illness or substance abuse disorders, as well a children with developmental disabilities.

The Detroit Center for Innovation New Location to be Announced

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Stephen Ross, Chris Illitch, Mayor Mike Duggan and U of M President Mark Schlissel will reveal the Detroit Center for Innovation’s new site this Monday. Wayne County’s aborted jail site was the originally planned site for the center. The announcement invitation says details about a national tech company coming to Detroit will be shared. The original plans co-developed by Related Cos. and Bedrock real estate firm, but that partnership was dissolved last summer.

 

Asphalt Facility Proposed for Detroit’s Former Farmer Jack Headquarters

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The old Farmer Jack Headquarters in northwest Detroit may soon be the new home of an asphalt mixing facility. The Pontiac-based company, Asphalt Specialists, is proposing the $1.5 million plant. The company currently employees more than 100 employees, including truck drivers and maintenance. The plant would add 40-50 jobs. The plant would include an office and scale house for measuring 3,000-4,000 square feet of product. A dust collection system would collect 98-99% of the odors.

 

 

 

Sale Pending For Popular Nightlife Hotspots

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Grand Rapids’ The B.O.B. and the 20 Monroe Live concert venue may soon be changing hands. Sales are pending for both nightlife hot spots. There are two separate unidentified buyers, and both deals should close early next year. The B.O.B. was listed for $15.5 million and 20 Monroe Live for $16.5 million. The B.O.B. houses 3 restaurants, a brewery, a nightclub and a comedy club. 20 Monroe Live is a concert venue that can seat up to 2,600 patrons.

 

 

Real Estate One Academy Wants More Required Training Hours

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According to Bonnie Richter, the director of the Real Estate One Academty, real estate education needs to change to keep up with the needs of consumers. Real Estate One is pairing new agents with experience Realtors in an effort to keep more people in the field. Richter says there’s an enormous interest in real estate careers. Classes are full and in high demand, but the longevity is not there. People don’t expect the career to be as demanding as it is. Richter believes that license instruction should require more hours (60 at a minimum), as there isn’t enough time to get all of the information in with the existing instruction requirements. In addition, beefing up the instruction time would better protect consumers so that licensed real estate professionals would have the needed expertise.