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Ann Arbor Nine-Story Development Breaks Ground

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The construction of The Glen, a mixed-use development on the corner of Glen Avenue and Ann Street has finally broken ground after several years of delays. It was approved in 2017 and was scheduled to open in 2018. Technical changes were made in 2019, and construction was to begin in 2020 when the pandemic delayed it further. It’s now expected to open in 2024. The building will house 164 hotel rooms and suites and 24 apartment suites. It will also include a fine dining restaurant, meeting and event spaces, retail shops and 241 parking spots.

United Artists Theater Building Rehab Begins

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The Bagley Development Group has begun its redevelopment of the Ilitch-owned, 18-story United Artists Theater Building at 150 Bagley St.  The property is being transformed into a 148-unit residential building called Residences @150 Bagley. It is scheduled to open in late 2023. Twenty percent of the new apartments will be offered at below-market rents for qualified tenants. It will also include about 10,000 square feet retail space on the ground floor.

 

 

Abandoned Fisher Body Plant To Be Redeveloped

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The Fisher Body Plant No. 21 in Detroit will be repurposed into more than 400 apartments and will include retail space.  Fisher 21 Lofts is a $134 million project that will be up for site approvals later this spring. Redevelopment could start late next year and be completed by 2025. The project would include 433 for-rent apartments. Twenty percent of those would be set aside for below-market rents. It would also include 28,000 square feet of commercial and retail space and 15,000 square feet of co-working space.  The former auto body factory has been abandoned for 30 years.

 

Woodward West Nears Completion

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Construction crews continue to make steady progress on Woodward West, the five-story apartment building in Midtown Detroit. The residential and retail development has already started pre-leasing and should be completed this summer.  The development will add 204 apartments and 25,000 square-feet of retail space to the Midtown community. The first floor will consist of retail space.

Nonprofit Partnership Plans New Multifamily Housing

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CHN Housing Partners, a Cleveland-based nonprofit, is partnering with nonprofit Detroit Blight Busters to build new multifamily housing by Detroit’s Old Redford Neighborhood. The two nonprofits were approved to rezone the property for the project, but still need site plan approval from the city. They plan to build 48 one- to three-bedroom rental units. A “Kid’s Camp” will also be constructed for Blight Busters programs on youth fitness and nutrition. Construction is expected to start in 2023.

 

 

Bedrock LLC Snags The Largest CMBS Loan In Detroit’s History

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Bedrock LLC has refinanced 14 properties with a $430 million CMBS loan. It is the largest-ever commercial mortgage securities loan in Detroit’s history. The new seven-year loan will mature in January 2029. The portfolio has seven office buildings totaling 2.5 million square feet, five parking decks with over 5,000 spaces and two multifamily properties. The fact that the loan was issued during a global pandemic when workers are continuing to work from home speaks to the confidence of the lenders. The portfolio’s office stock and parking deck revenue are both impacted by the work-from-home trend.

 

 

Construction Begins On The Former Joe Louis Arena Site

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Construction is due to begin on the former Joe Louis Arena site for a new residential apartment tower. Several pieces of heavy-duty equipment arrived on late Wednesday afternoon. Colasanti Construction Services Inc. prepped for initial work on the 24-story apartment tower, drilling 100-foot deep caissons. Sterling Group applied for a permit for the building, but no information has been released by the city pending the outcome of the permit review. Part of the vision for the site includes an apartment tower called The Louis, with 500 studio and one-bedroom units. Specific plans for the property have not been made public since Sterling Group acquired the property. Previously, the site had been discussed as a mixed use development, potentially with a hotel.

 

 

 

 

Ann Arbor Takes Steps Toward a More Walkable Neighborhood

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Ann Arbor real estate developer, Oxford Companies, plans to build a new apartment building on Ann Arbor’s south side. The space is currently used as parking for its main office. No timeline has been set for construction. The development endeavors to create a more walkable and livable neighborhood. The 226-acre area may potentially be rezoned to allow new buildings up to 300 feet which will develop a high-density and mixed-use area to create a downtown environment. The proposal would require the rezoning of 69 properties, including those around Briarwood Mall.

 

 

Details Revealed For Detroit Affordable Housing Plan

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Plans for a new 83-unit apartment building near the Masonic Temple and Little Caesars Arena were shared with the public during a virtual community meeting.  3rd & Charlotte, the name of the development, is a joint project between developer Stephen Ross’ Related Cos. and the development firm The Platform. The apartments would be leased at below-market rents to tenants making 60% of area median incomes. To go forward, the project must be awarded Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. If developers can meet the requirements, construction could begin in the 4th quarter of 2022.

 

 

Home Sales Predicted to Continue Surging in December

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According to RE/MAX of Southeastern Michigan and the Home Builders Association of Southeastern Michigan, November was a robust month for home sales and new home starts. December promises even stronger home sales than last year’s figures. New single-family home permits were above 300 in Macomb, Oakland, St. Clair and Wayne counties for 18 months running. Even with the supply chain issues, new-home permits helped to make the year successful. However, no new multifamily permits were issued in November. The number of pending sales in November indicates that December will be a good month.