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.
City of Detroit Looks to Redevelop Historic Apartment Buildings
The city of Detroit plans to submit redevelopment proposals for two historic buildings: Lee Plaza and Woodland Apartments. Both buildings were once luxury apartments back in the 1920s. The city of Detroit has expressed interest in allocating a certain number of multifamily units for individuals making $38,000 per year or less in order to attract and retain those of all income levels.
Once developers are selected, the city expects Lee Plaza to take two to five years to redevelop while Woodland Apartments are expected to take between one to three years.
Developer Announces New Plans for Broadway Site in Ann Arbor
Morningside Lower Town LLC submitted new plans for the site at 1140 Broadway St. in Ann Arbor for its upcoming $146 million project. The project is slated to include both apartment and condo units, and is to be developed in three phases.
Updates to the apartment buildings include relocating 35 units from Building A to Building B and C for a total of 616 units in the site. The top stories of Building A have also been removed. Instead, Building A will include six-story and seven-story parking structures.
Other updates include an increase in total floor area, the addition of brick masonry cladding and an additional story added to Building B.
Development in Downtown Grand Rapids Approaching the $1 Billion Benchmark
Construction in Grand Rapids isn’t slowing down anytime soon. With a number of projects in the development pipeline, the city is quickly nearing $1 billion worth of development.
The Vice President for Planning and Development with Downtown Grand Rapids Inc., Tim Kelly, noted the city was approaching nearly 1,000 housing units, 800 hotel rooms and roughly 450,000 square feet of office space. To add to the ongoing development, the city also expects to break ground on the $110 million Studio C project, which will include a move theater, residential space and a hotel.
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