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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.

 

New Apartment Building Proposed for Detroit’s Midtown

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Greatwater Opportunity Capital has proposed a new four-story, 57-unit apartment building next to the existing fire-damaged Brainard Apartments. After a February 2020 fire, Greatwater acquired the Brainard Apartments and the site next to it that is home to two unused solar panel arrays. The panels once supplied some electricity to the Brainard Apartments, but since the fire, the panels have stayed off. The developer is almost finished with the Brainard Apartments’ rehabilitation. Greatwater plans to remove the solar panels to make way for the new building that will include studio and one-bedroom apartments as well as ground-floor commercial space.

 

New Amazon Fulfillment Center Opening is Delayed

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Detroit’s new fulfillment center opening will be delayed until next year. The 3.8 million-square-foot fulfillment center was originally scheduled to be open by spring of 2022.  It’s being built on the city’s old Michigan State Fairgrounds on Woodward near Eight Mile. Developers faced backlash from community members who expressed concerns about hiring locally and environmental protections at the site. Amazon promised the city to recruit Detroit residents through the Detroit at Work employment program, beginning 5 months ahead of the facility’s opening. According to the city, 100 Detroit residents currently work at the fulfillment center. Recruitment efforts to fill those positions began earlier in 2022. Michigan currently has five Amazon fulfillment centers, one tech hub and seven Whole Foods Market locations.

 

Duggan-Targeted Riverfront Apartment In Foreclosure

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The former River Plaza Apartments, a rundown apartment building between old Whittier Hotel and Owen Park, has fallen into foreclosure. The two-building property went into foreclosure with Columbia, Maryland-based Enterprise Community Loan Fund Inc. The property, one of 100 similar properties, was targeted by Mayor Mike Duggan to rid the city of blighted buildings. It’s unclear if the administration is still seeking demolition and there is no update on the plans. The foreclosure was scheduled at the end of December but was postponed multiple times; it finally took place in late August. The owner, Kathy Makino-Leipsitz, has until February 25, 2023 to redeem the properties.

 

WeWork Closing Cass Avenue Location

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NYSE:WE, the New York City-based coworking space provider has announced that it’s closing its space at 6001 Cass Avenue, effective November 10. According to a WeWork spokesperson, they have two other coworking space locations in the immediate area. Three years ago, the company more than doubled its space at the time, adding the 91,000-square-foot location. The location is one of three in Detroit. The company communicated with tenants that they may be relocated to the Detroit locations downtown.

 

Downtown’s Merchants Building Slated For Redevelopment

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Method Development LLC plans to revamp the Merchants Building in Detroit into a 135-room hotel. The $44 million redevelopment plan includes hotel space, and food, beverage and event space, as well as a rooftop bar. The $44 million price tag includes $5.9 million in building acquisition cost, $21.5 million in hard costs and $16.6 million in soft costs. Kraemer Design Group is project’s architect. This hotel would be one of many at varying development stages in and around downtown Detroit. The project is being financed with $16.7 million in equity and $27.3 million in debt.

Detroit City Airport ALP Approved By The FAA

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The Federal Aviation Administration has given a thumb’s up to the city of Detroit’s Airport Layout Plan (ALP) for the Coleman A. Young International Airport. The ALP is expected to net about $100 million for airport development over the next 10 years. According to Mayor Duggan, the too-short runway made the airport nonviable. The grants will be used to add new hangars, a control tower, taxiways, and to improve the safety of the existing runway. Plans for the return of the Davis Aerospace Technical High School to the city airport will also be funded. The city previously received $111,000 in state and federal monies to fund plans for the airport, including the ALP.

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Detroit Regional Partnership Aims to Entice Industrial Development

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The Detroit Regional Partnership has created the Verified Industrial Properties web portal, a repository for detailed information on sites in an 11-county focus area, including Wayne, Oakland, Macomb, Washtenaw and Livingston counties. The partnership views the clearinghouse as a way to get rid of leg work and improve the accessibility of metro Detroit site information. Property owners pay to have their sites listed in the web portal. Civil engineers have vetted nine sites, considering zoning, topography, geological conditions, transportation, wetlands, etc. Another 15 sites are under evaluation.  Some of the sites in process are large and prominent: The former Summit Place Mall property and 500+ acres of Lyon Township land. The partnership says its sites include urban, suburban and rural.

 

 

Detroit Apartment Building Opens With Help From Detroit Housing Fund

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Detroit city officials, along with developers, celebrated the opening of The Charlotte, a renovated apartment building with 28 units. The apartment building is the first project backed by a $75 million private investment fund that was created two years ago to aid developers in building more affordable housing in Detroit. The redevelopment cost $3.19 million and is part of seven projects in the Detroit Housing for the Future Fund pipeline. A $2.55 million loan from a fund managed by the Detroit branch of the Local Initiatives Support Corporation helped bankroll the project. The fund has supported 269 units already completed or in progress.

 

Demolition of Historic Detroit Theater Makes Way for Parking Lot

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The Bagley Development Group has begun demolishing the historic United Artists Theater building in downtown Detroit. They are converting the attached office tower into 148 apartments. The space created by the theater’s demolition will provide parking to residential tenants. Detroit-based construction manager L.S. Brinker has partnered with Lansing-based construction manager Christman Co. to redevelop the office tower. Demolition of the theater is expected to take about 4 to 6 weeks. Homrich Inc. is the contractor on the building.