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New Nonprofit To Support The Joe Louis Greenway

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Detroit’s new Joe Louis Greenway Partnership is a new nonprofit conservancy that supports the 30-mile-long Joe Louis Greenway. The conservancy will connect residents in Detroit, Hamtramck, Highland Park and Dearborn to the Detroit River. The Joe Louis Greenway Partnership will help with fundraising, care of the path, programming and community outreach. The nonprofit was incorporated with the state in January. Once it’s approved by the IRS, the conservancy’s nonprofit status will allow it seek more philanthropic support.

Redevelopment of Detroit’s Roosevelt Park Begins

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Detroit officials broke ground on the $6 million redevelopment of Roosevelt Park in front of the Michigan Central development in Corktown. The project involves redirecting a section of Vernor Highway that bisects the park. It also includes plans for a promenade that will connect Michigan Avenue to Michigan Central Station, plaza spaces and event lawns, expanding the park by 3.5 acres. It is expected to be completed in the spring of 2023. The redevelopment is funded by the American Rescue Plan Act and from the city’s general fund.

 

Mortgage Demand Dips Past Great Recession Levels

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According to the Mortgage Bankers Association, as Washington, D.C.-based industry trade group, the demand for mortgages has dropped lower than any time during the Great Recession over ten years ago. The severe housing shortage continues in Michigan and across the country, limiting the availability of existing homes. Soaring interest rates are also impacting the mortgage market. According to a study from Up for Growth, Michigan is almost 87,000 houses shy of where it should be. Data from Realcomp reveals record-high sale prices in Wayne, Macomb and Oakland counties, as well as in Detroit.

 

 

Median Home Prices Reach New Heights in Detroit

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Detroit’s median sales price for a home topped $100,000 in June. According to the CEO of Realcomp, it’s the first time values have been that high, and it’s an important benchmark. The median sales price of $100,250 in Detroit is based on June sales figures. Wayne, Macomb and Oakland county values have also reached new heights with increases ranging from 10.1 to 17.6 percent increases. While the increases benefit homeowners, it leaves many first-time buyers grasping at straws. Inflation, high demand for housing, and the scarcity of new construction have contributed to the issue.

 

Entrepreneur Nurse Set To Transform Detroit Block

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Nurse Sonya Greene’s redevelopment project is transforming a Detroit block into a business district. The project is called The Shift and  will include a fresh food market, barbershop, hair salon, nonprofit office space and a 4-unit newly renovated apartment complex. The  food market is an 1,800-square-foot property at 12752 Linwood St. The market, the barbershop and 1 or 2 of the apartments are expected to be open in late August.  Greene purchased the market space in December 2017. Although she wanted the whole development to open at one time, funding dictated a different approach.

 

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.

 

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.

Deeply Affordable Housing Units Planned for Detroit

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Developers Cinnaire Solutions, Woodbridge Neighborhood Development Corp., CHN Housing Partners and Detroit Blight Busters will create nearly 200 new units for at-risk residents. The four new housing projects will created 183 affordable units for residents who earn 60 percent of the area median income ($42,960 for a family of two). The projects will also include 20 market-rate apartments. Old Redford, Midtown, Woodbridge and MorningSide neighborhoods are the site of the new units. They are funded, in part, by $38 million in Low-Income Housing Tax Credits from the state.

 

 

 

Detroit World Outreach Church For Sale Post Bankruptcy

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The Detroit World Outreach Church property on West Chicago Road at Telegraph Rd. is heading to a public sale next month.  The asking price is $7.1 million. The complex consists of multiple buildings, including the 181,000-square-foot main church. The church fell behind on payments after a Chapter 11 bankruptcy. Although a reorganization plan was approved in December, a missed payment to Comerica Bank triggered the sale. Interested buyers can submit an offer of $4.15 million or more, with a $50,000 deposit through July 8. A public sale would be held on July 12 via Zoom.

 

 

Demolition Contract For Portion of Packard Plant to be Awarded This Month

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The Detroit City  Council will consider awarding a demolition contract for a portion of the Packard Plant later this month.  Only one bidder responded to a May request for proposals to tear down the building at 6199 Concord St.  The city will most likely award the contract to the unnamed bidder in the next week. According to the director of the Detroit Demolition Department, the city is moving quickly to tear down that portion of the plant because of the danger it poses to The Display Group Ltd., who operates its Display Group Creative Collective in the adjacent space. Demolition is expected to begin in late summer.