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.… Read More