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Luxury In The Forecast For Muskegon

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Thirty acres of Muskegon waterfront property are slated for a $250 million redevelopment project that includes luxury condos, a marina, restaurant, event space and expanded public trails. Adelaide Pointe QOZB LLC revealed the details of their plans for the Adelaide Point project to city officials and environmental advocates. The developer began acquiring the properties in March of 2021. The project aims to double the size of public access and expand trails, greenspace, and fishing areas. Over the next two years, the goal is to construct one of the 5 residential buildings, a 55-unit luxury condominium building, a marina, and a multi-use building that will include restaurant, retail and event spaces. The Adelaide Point project is a ten-year plan.

 

 

Cannabis Retailer Opens in Coldwater

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Skymint Inc., Michigan’s largest cannabis retailer, opened its 15th store in half of a vacant department store in Coldwater. According to the company’s president of retail, bigger spaces like the former Sears building are appealing because it gives the store a big blank canvas with which to work. The artsy, boutique-vibed store offers 60 cannabis brands. Skymint has grown quickly since entering the retail market in 2019. It can also be found in Bay City, Big Rapids, East Lansing, Flint, Hazel Park and Lansing.

 

MDOT Discusses Plans for Detroit’s Amtrak Site

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In February, the Michigan Department of Transportation met with developers to discuss Detroit’s Amtrak site. They want to build a new intermodal transportation facility on the site, with a mix of transit uses like passenger rail and bus, and maybe even residential and retail. MDOT is exploring private development on the property in an effort to offset the $36 million-$45 million cost of the intermodal facility. MDOT is applying for a federal RAISE (Rebuilding American Infrastructure with Sustainability and Equity) grant through the U.S. Department of Transportation.

Township Board Defies Planning Commission Recommendation

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The Huron Township board has rebelled. Detroit-based Sterling Group and Texas-based Hillwood Enterprises LP is constructing new warehouse and distribution space totaling 1.27 million square feet for Amazon.com Inc. Now, they want an amendment to the township’s zoning rules to be allowed to build another distribution center for Home Depot, totaling 450,000 square feet. The trustees approved the amendment and ignored a unanimous planning commission recommendation that put the brakes on construction. Concern over the impact of truck traffic on the southern Wayne County community is high.

The Blake Family of Companies is Expanding

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The Blake Family of Companies has completed a $1 million redevelopment project. Blake’s Backyard in Almont has been expanded to a multi-purpose, year-round retail and entertainment venue. A 10,000 square foot taproom offers Blake’s Hard Cider, beer and wine and includes indoor and outdoor seating. The existing greenhouse and nursery were renovated and include fruit trees available for purchase. Blake’s Backyard includes an expanded fresh market that offers breakfast items such as bagels, avocado toast and breakfast sandwiches, along with coffee and baked goods, and a U-pick farm where customers can pick their own fruit, vegetables, herbs and flowers. Future plans for the property include hosting events such as gardening workshops, happy hours and live music. The venue can also be rented for private events.

 

Musicians Learn to Transpose Their Skills

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Across Metro Detroit, many musicians have migrated from the stage to the realty office. They’ve found that real estate requires a lot of people skills, collaboration, being OK with a constantly changing schedule and multi-tasking, not unlike the moxie it takes to play with a band. They also love the flexibility that being a real estate agent allows. Being a musician is far from a 9 to 5 job. It requires long hours, time on the road, and resourcefulness, similar to what it takes to be a successful realtor.

Pandemic Affects Real Estate Trends in 2021

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The pandemic continued its influence over real estate trends in 2021. The construction costs soared due to supply chain interruptions and work shortages. Consumers shifted their shopping habits to online and demonstrated less tolerance for retail service disruptions. The discussion of how to increase open public spaces moved to the forefront. City residents migrated to the suburbs because of the opportunity to work from home. Affordable housing became scarce. Rents increased and home inventories plummeted. Industrial and distribution properties continue to look like promising investments, along with single-family rental homes.

Detroit Property Receives A Big Facelift

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A small 1970s vacant and outdated Detroit building received a big makeover. Located along the Qline, between Campus Martius and Hart Plaza and near the 40-story Guardian Building, the building at 511 Woodward Avenue is now home to Michigan’s first Capital One-branded coffee shop with prospects for future restaurant and office tenants. Businessman Zaid Elia completed the $18 million-plus redevelopment which includes an outdoor patio, floor-to-ceiling windows and a slightly expanded footprint. Each floor plate is 7,500 rentable square-feet, making it a good fit for office tenants who may need less space than before COVID-19.

 

 

 

Proposed Livonia High Rise Apartment Complex Meets Resistance

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A proposed apartment complex development south of Wonderland Village in Livonia has neighbors up in arms. At a recent planning commission meeting, several residents spoke out against the project. The site is owned by Livonia-based Schostak Brothers. The request for the property would be to change the zoning from C-2 General Business to R-8 High Rise Residential. Residents have taken issue with the redevelopment of the site for years, but recent concerns include the appropriateness of a high rise apartment complex in the middle of a shopping center development with tenants having visual access into neighborhood backyards. The developer asked the commission to table the proposal to a future date, in order to work on additional details of the development.

CDC Mask Policy Reversal Throws Wrench

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The CDC recently took a step backward with its mask policy. Research on the Delta variant is the cause of the reversal. They now recommend that people should wear masks indoors, at least in areas where the coronavirus infection rate is high. The announcement throws a wrench in companies’ return-to-office plans. Many brought workers back, allowing fully vaccinated employees to go without masks. Companies with national footprints may decide to have a consistent mask policy across all offices and sites. The reversal in policy may also cause more corporate vaccine mandates.