Michigan Commercial Real Estate News Brief: February 2018

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets, including Ann Arbor, Detroit and Grand Rapids.

Proposed Grand Rapids Office Tower Would Offer New Class A Space

Developer Franklin Partners LLC’s proposed seven-story office tower would bring some much-needed Class A office space to Grand Rapids, which is currently experiencing a tightening market.

The 90,000-square-foot building would sit at the corner of Ottawa Avenue and Oakes Street SW, and would be constructed of glass and steel with competitive amenities, including a rooftop patio, fitness area and more. With this in mind, Franklin Partners Principal Don Shoemaker said rents could reach as high as $25 per square foot (psf).

Promenade and Retail Space to Open in District Detroit

Olympia Development of Michigan recently announced plans for a European-style cobblestone promenade complete with 43,000 square feet of retail space. The development would be constructed just blocks away from the Little Caesars headquarters in the District Detroit.

The development would include 10 new storefronts, some of which are expected to open as soon as this summer. Of the 10 stores, six are planned for the Fox Theatre side, which will occupy nearly 16,700 square feet of space.

Expansion Planned for Ann Arbor Shopping Center

The Arborland shopping center may soon welcome a number of new storefronts following a proposed single-story retail site on the 48-acre property behind the mall, which currently sits vacant.

Plans for the site include a large building accounting for 113,000 square feet and two smaller ones hovering near 8,000 square feet each. A handful of other retail spots would also be available ranging from 20,000 to 50,000 square feet.

Image Credit: Joe Ross