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Historic Downtown Building Changes Hands in $5.9 Million Deal

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The historic Merchants Building in downtown Detroit has sold in an off-market deal for $5.9 million.  A party linked to Detroit-based Method Development LLC bought the building last month. Method will share full development plans for the project in the near future. Broadway Merchants LLC bought the building in 1996. The building was listed in 2014 for $4 million, but never traded hands.  Method has been active in other parts of the city, as well.

 

Equinox Hotel Planned for Detroit Center For Innovation

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The Detroit Center for Innovation will include an Equinox hotel. The hotel will be designed to host visiting sports teams and will include gyms and a special floor for them to work out. The entire project will encompass a 300-acre district of residential, office, education and entertainment. The center will include a University of Michigan graduate campus. Ross and Ilitch, the muscle behind the project, believe it will attract companies and make local graduates want to stay in the state.

 

Gilbert Family Foundation Pledges Money For Eviction Defense

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The Gilbert Family Foundation has pledged up to $13 million over three years to help renters avoid eviction in Detroit. This comes weeks after the city of Detroit passed an ordinance giving renters at risk of eviction the right to have an attorney represent them in their defense. The United Community Housing Coalition, Lakeshore Legal Aid and Michigan Legal Services will split the money evenly. The Detroit Eviction Defense Fund was created after the city committed $6 million in American Rescue Plan dollars to fund eviction defense. It is thought that Detroit’s population decline is occurring, in part, to the 30,000 Detroit households that face eviction each year.

Ilitch And Ross Release Detroit Center Renderings

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Stephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district.  The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation.  They expect to break ground on the project in 2023.

 

 

 

David Whitney Building Hotel Builds On And Rebrands

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The David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.

 

 

City Officials Break Ground on 22-Acre Park

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City officials broke ground on the Ralph C. Wilson Centennial Park on Tuesday. The park is the last part of the Detroit Riverfront Conservancy’s revitalization plan. The $75 million investment will consist of 22 acres of playscapes and recreational spaces. A $40 million commitment from the Ralph C. Wilson Jr. Foundation kickstarted the 2018 plans for the park.  The DRC conducted a study to bring back the best features of nationwide parks to Detroit, and a community advisory team gathered input from Detroit residents

 

Park and Trail Projects Promise Increased Value and Developments

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The Ralph C. Wilson Jr. Centennial Park on the west Detroit riverfront will feature a bear slide, an otter slide, and a slide in the form of a beaver. The park will include swings, trails, a treehouse, a replica of Fort Wayne and an outdoor classroom. The park broke ground on Tuesday afternoon, a month after ground was broken on the Southwest Greenway, a trail being built to connect southwest Detroit neighborhoods to the riverfront. These amenities that come with these projects will help property values, based on many studies that show that the proximity of a public park increases a home’s value. They should also be a catalyst for development in the area.

Renaissance Center Faces More Loss

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Blue Cross Blue Shield of Michigan is vacating the RenCen and consolidating its Health Plan Business employees from that location into the high-rise it owns at 600 E. Lafayette Blvd. Last month, the complex lost Deloitte LLP, its third-largest tenant. At this time, the exact number of BCBSM employees the move impacts is unknown. BCBSM has stated that the move is a result of reintegrating remote workers back into the office environment. It holds a long-term lease through 2026.

 

 

Packard Plant Owner Misses Demo Permit Deadline

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Fernando Palazuelo, owner of the Packard Plant, missed a court deadline on Thursday. He needed to apply for a demolition permit to allow the city of Detroit to demo the property and bill him for it. The city is considering its next steps. Wayne County Circuit Judge Brian Sullivan declared the Packard Plant a public nuisance on March 31 and ordered Palazuelo’s company Arte Express Detroit to apply for a demo permit within 21 days. The judge’s order allowed the city to hire contractors to proceed with the demo work at Palazuelo’s expense if deadlines were missed.

Office Space Continues Its Radical Metamorphosis

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Detroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating employees to locations in Bloomfield Hills, Auburn Hills and Farmington Hills. The headquarters’ prominence, location and amenities may interest prospective tenants.