Detroit
New Upscale Retirement Village Coming to Grosse Pointe Woods
By Veronica Grecu, Associate Editor Work on The Rivers of Grosse Pointe Continuing Care Retirement Community (CCRC) could begin in a few weeks on the site that once housed the Children’s Home of Detroit. According to Patch.com, the project, which is being developed by the owners of Riverview Health and Rehab on East Warren, was […]
Iconic Penobscot Building Sold to Canada’s Triple Properties
The foreclosed Penobscot Building located in the heart of Detroit’s Financial District was sold for an estimated price of approximately $5 million to Triple Properties, a Canada-based real estate investment company that also owns the Silverdome in Pontiac. The 47-story Art Deco building was designed by architect Wirt C. Rowland in 1928 as one of the tallest buildings in the world and the tallest structure in the city until 1977, when the 73-story Central Tower of the Renaissance Center was raised.
Detroit Recovery Continues with Approval of Four New Projects
Over the last months Detroit’s recovery effort has become more visible and the four renovation and redevelopment projects approved at the end of April show that the City is not that far from becoming the hot spot for investments.
Old Garden Theater Brought to Life by $12M Redevelopment Project
One of Detroit’s first neighborhood theaters, the historic Garden Theater built in 1912 by famed architect C. Howard Crane, has embarked on a multi-million redevelopment program, reports The Huffington Post.
Wayne State University to Build $93 Million Biomedical Research Center
Wayne State University (WSU) is about to break ground on one of the largest development projects in its almost 150-year history. The university plans to create a 200,000-square-foot biomedical research center in Midtown Detroit and, in order to complete the project, hopes to attract a $30 million grant from the state—a budget proposal from Gov. Rick Snyder that is yet to be approved—while the remaining $63 million will come from a combination of private donations and debt collections.
Twitter Opens Small Office in Detroit’s Tech Corridor
Lured by the proximity to car companies and their generous advertising budgets, social media giant Twitter has decided to open a small-sized office in Detroit. The San Francisco-based tech company has selected the historic M@dison Building, a former theater now owned by Rock Ventures LLC, one of the real estate investment companies in Dan Gilbert’s portfolio.
Foreclosed Hotel Pontchartrain Has New Owner
By Veronica Grecu, Associate Editor
Gabriel Ruiz, a Mexico-based developer and hotel investor, has purchased the Pontchartrain Hotel located at 2 Washington Blvd., across the street from Cobo Center and 150 West Jefferson. Though the sale price is still unknown, an […]
Former Sears Building to Change Hands; Renovation of Belle Isle Maintenance Building Nears Completion
By Veronica Grecu, Associate Editor
After more than a year of negotiations with Michael Bozenski and Gary Lamb, the owners of the former Sears building, the Wyandotte Downtown Development Authority (DDA) will purchase the long-vacant structure for $500,000, reports The News-Herald.
The […]
LEED-Certified Fairlane Green Changes Hands for $47 M
By Veronica Grecu, Associate Editor
Phoenix, AZ-based Cole Real Estate Investments recently paid $47 million for a 270,000-square-foot retail power center located in a historically strong corridor in Allen Park, south of Detroit. Opened in 2005, the retail center is almost […]
Abandoned Brewster-Douglass Site Could Be Replaced by New Housing and Retail
By Veronica Grecu, Associate Editor
Detroit seems to have engaged in a race to tear down or repurpose all of its decaying buildings that point to the city’s economic distress. Motown’s rebirth is no longer just an abstract concept but a […]