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Pilot Program Pays Storefront Owners to Renovate Upstairs Apartments

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Southwest Detroit Business Association’s pilot program grants $8,500 per unit to renovate apartments above commercial spaces. In an effort to expand the number of affordable homes and apartments for city residents, empty and derelict second-floor units are an untapped market. According to Elaina Peterson, a program analyst on the policy and implementation team for the city’s housing and revitalization department, there could be as many as 12,000 unoccupied apartments above stores and restaurants in Detroit. If they were updated and made livable, they would make a huge impact on the number of affordable apartments as rents and sale prices continue to increase. The program is one part of a $203 million housing plan that intends to create new rental housing, help renters to become homeowners, and improve the quality of existing rental units.

 

 

Three Dispensaries and Processing Facility to Open in Grand Rapids

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Tommy Nafso, former metro Detroit lawyer and state regulator, and Darel Ross, a Grand Rapids entrepreneur, have partnered to open three cannabis dispensaries and a process facility. They will open the first of the three Noxx dispensaries at 2440 28th St. NW in Grand Rapids this month.  A soft launch is planned for Aug. 22, along with a grand opening September 10. The second dispensary will open in late September. The processing and dispensing facility will be Noxx’s main production and will open in mid-November. Noxx’s three dispensaries will be the most operated by one company in Grand Rapids. The partners plan to hire 150 employees across the three locations.

 

Upper Peninsula State Representative Requests AG Investigation

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Rep. Sara Cambensy, D-Marquette has requested that the Michigan Attorney General Dana Nessel investigate an Upper Peninsula development company headed by a Northern Michigan University board member. The firm states that Cambensy’s claims are “meritless and reckless.  Cambensy wrote a 13-page letter on July 28, sounding an alarm about a potential conflict of interest and misuse of state and local money in regards to the former Marquette General Hospital. 

 

 

Ann Arbor Planning Commission To Hold Hearings On New Proposals

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The Ann Arbor Planning Commission will hold public hearings on three new development proposals on Wednesday, August 3 at 7:00 p.m. The projects include a four-story residential building with 185 new housing units, the reimagining of The George mixed-use apartment and retail complex, and a special-exception use proposal for a childcare center. The new housing units would redevelop the University Inn site. The reimagining of The George would convert 23,462 square feet of ground floor retail space to 42 residential units. The proposal for the childcare center would repurpose an existing building at 1301 Morningside Drive in northwest Ann Arbor.

 

 

 

The Office Market Continues to Limp Post Pandemic

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More than two years after the start of the COVID-19 pandemic, the office market is still reeling. Sublet office space availability is at a 10-year high. Over 2.37 million square feet is available in the five-county area. Office tenants are subletting unused space. If they are unable to sublease, they give back the additional space to landlords, usually in an early lease restructure or relocation to another place. According to the president of the Advocate Commercial Real Estate Advisors LLC brokerage house, the amount of sublease space on the market will increase in the next 3 to 6 months. In addition, leasing activity is slower than usual, and no new construction of office space occurred in the second quarter.

 

 

The Platform Buys Out HFZ

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Peter Cummings’ Detroit-based development firm, The Platform LLC, along with New York city-based Rheal Capital Managment LLC, has bought out the majority ownership interests of the  HFZ Capital group of the 28 story high-rise on West Grand Boulevard in Detroit’s New Center area. Terms of the deal have not been disclosed. According to Cummings, they plan to work on the building’s facade, as well as electrical, elevators, doors and upgrades to the parking garage. There were many local and out-of-state buyers who made serious offers, but Cummings was concerned about stewardship of the property, as well a capital. Instead, they ended up taking out HFZ, a move which allows for more flexibility as they move forward with the property.

 

Oakland County To Create Land Bank Authority

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Oakland County is creating a land bank authority. The land bank authority will support economic growth and community revitalization. According to the county’s treasurer, the creation of the authority will enable the county to address property vacancies, support new developments and return foreclosed properties to the tax rolls. The application process for board members will begin in mid-July, with hopes that the board will be up and running by mid-August.

Perrigo Hosts Grand Opening At New North American Headquarters

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Perrigo, the Dublin-based producer of self-care products, hosted a grand opening sneak peak of its new North American Corporate headquarters in downtown Grand Rapids. The ceremony included its project partners, Grand Rapids Mayor Rosalynn Bliss  and The Right Place President and CEO Randy Thelen. Located at MSU’s Grand Rapids Innovation Park, the project began construction in April 2021.  The $45 million investment was completed by Health Innovation Partners.

 

Ross Snags $100 Million for DCI Project

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Stephen Ross has acquired a $100 million in the state’s next budget for The Detroit Center for Innovation.  The Detroit native is the developer of the project. He previously committed to donating $100 million for the center to be built. With the budget deal being finalized, the center will have $200 million of its predicted $250 million price tag. Ross’ company will construct the center and donate it to the University of Michigan. The 200,000-square-foot building will be part of a three-building campus located on Ilitch-owned land and parking lots west of the Fox Theatre in Detroit.

Bankhole Thompson Calls Out Bedrock’s Tax Subsidy Grab

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According to Bankole Thompson, Detroit needs improvements that will impact the lives of its ordinary residents. The tax breaks for big companies are off the backs of ordinary citizens. Residential poverty still exists because of the lack of initiatives designed to make a difference. The city has given away huge tax subsidies to highly capitalized companies who don’t follow through with concrete plans. This is what’s creating the opposition to Dan Gilbert’s request for $60 million in tax breaks for the Hudson site project. Gilbert has the money to complete the project without a tax break from disenfranchised Detroiters. The author believes the heart of the issue is a civil rights issue. The jobs that are promised during the PR blitz for subsidies often do not materialize. The City Council should use the tax break Gilbert wants for more important quality of life issues.