Michigan Markets Commercial Real Estate News Brief: March 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Detroit May Soon Welcome its New Tallest Building, More Green Space

Dan Gilbert recently announced a proposal for a $775 million tower to be constructed on the former Hudson’s department store site on Woodward Avenue. The tower, which would stand 734 feet tall, would be the city’s tallest building, surpassing the Detroit Marriott at the Renaissance Center at 727 feet.

While talks are still in the works, Gilbert’s proposal laid out plans for 250 residential units, an underground parking garage, as well as office, retail and tech space in a connected nine-story base hub.

More green space will also make its way to Detroit’s east riverfront. Developers are proposing mixed-use space along the riverfront property as well as an abundance of parks, beaches and scenic walkways for city-goers.

Mixed-Use Developments Proposed for Ann Arbor

Chicago developer Core Spaces proposed a $10 million development plan for the former Library Lot along Fifth Avenue. Proposed plans include office and retail space, as well as 357 apartment units and 131 hotel rooms.

Similarly, developers just unveiled a first look at the $146 million redevelopment taking place on Broadway Street, which includes residential and retail space. The project will be split up into three phases and will include buildings ranging from one to seven floors high.

Grand Rapids Projects Move Forward with Approved Funding

Three Western Michigan development projects recently received approved funding from the Michigan Strategic Fund. The proposed Warner Tower, Third Coast Development and the Stryker Corporation expansion each received funding approvals to make development more financially feasible.

The Warner Tower will include mixed-use space, featuring office, retail and restaurant space, while the Third Coast Development proposal includes plans for 42 residential units. The $215 million expansion at the Stryker Corporation is expected to create 105 jobs.

Photo Credit: Christopher Woodrich