Detroit
Historic Ford Plant in Highland Park to Become Automobile Heritage Destination
It finally happened: after years of fighting the massive loss of population and industrial and economic distress, Detroit filed for bankruptcy protection last week. Most voices agree that it was bound to happen but it remains to be seen how this historic decision will help the city regain its lost glory.
$5 Million Makeover Project for Riverfront Towers
Almost two years passed since the owners of a large residential community in Detroit were sued by the Federal National Mortgage Association (Fannie Mae) for an alleged $70 million loan debt. Back then, in October 2011, Ronald Glass of GlassRatner Management and Realty Advisors LLC was appointed as receiver to find a buyer for the Riverfront Towers, a multifamily complex located at 100 Riverfront Avenue in downtown Detroit.
University of Michigan-Dearborn to Open New Student Housing
Beginning this fall, the students enrolled at the University of Michigan-Dearborn will have access to a new housing complex located directly across Evergreen Road from the university campus.
Preliminary Plans for $650M Sports and Entertainment District Unveiled
Last week the Detroit Downtown Development Authority (DDA), Olympia Development of Michigan (ODM) and Wayne County have reached a multilateral agreement on a $650 million private and public financing framework that would bring a new sports and entertainment district in downtown Detroit.
GM to Invest $258 Million in Second Metro Detroit Data Center
Less than one year after announcing a plan to transform its global Information Technology (IT) department and just days after celebrating the grand opening of the Warren Enterprise Data Center, General Motors Co. broke ground on Friday, May 24, on its second supercomputing facility in Metro Detroit. Together, the two locations will replace a network of 23 data centers operated by GM, as well as three information technology suppliers from around the world. They will add to the company’s existing data centers in Austin, TX, Roswell, GA, and Chandler, AZ.
Car Condos to Replace Former GM Property in Pontiac
A large piece of vacant land on Woodward Avenue in Pontiac that once used to serve as a validation facility for auto giant General Motors Co. will be reinvented as the ultimate destination for car enthusiasts. A joint venture between Birmingham-native and entrepreneur Brad Oleshansky and Revitalizing Auto Communities Environmental Response (RACER) broke ground this week on the first phase of M1 Concourse—a $40 million to $60 million investment that will transform the 80-acre site into an automotive event complex and recreational test track.
Al Jazeera to Open Detroit News Bureau, Expand US Presence
Al Jazeera, the Arab media channel headquartered in Qatar, will open a Detroit bureau as part of the organization’s plan to consolidate its operations in the U.S. and provide both international and domestic news for American audiences.
New Student Residence, Fellowships Funded by Historic $110 Million Gift from U-M Alumnus
The University of Michigan (U-M) has received a $110 million donation from Charles T. Munger, vice chairman of Berkshire Hathaway Inc. and investor. This is the largest gift awarded to the university in its almost 200-year history and, as the school revealed in a statement last week, it will be mostly used to build a graduate students residence at its Ann Arbor Central Campus, on a site currently housing a parking garage between South Division and Thompson streets. A considerably smaller part of $10 million will go to fellowships that will be offered to students enrolled at U-M’s 19 schools and colleges.
Multifamily, Retail Projects Picking Up in Ann Arbor
First Martin Corporation, a real estate company that specializes in office, research, flex and retail space in Ann Arbor, is in the very preliminary stages of a redeveloping a long vacant property on the city’s north side into a 251-unit residential complex, AnnArbor.com reports. The company has owned the property at 2225 Traverwood Drive and an adjacent office building since the 1990s.
Work on $30M Class A Office Building in Midtown to Begin in August
In an effort to add more high-end office space in Detroit’s brisk Financial District, locally-based Queen Lillian Development LLC will kick-start in August a new Class A commercial facility that’s being marketed as the Midtown Professional Building.