We’ve been writing a lot about Detroit development both in the downtown area and in nearby suburbs. Investors are seeing a lot of potential in the low property prices in Detroit and the rest of Michigan and some are grabbing the opportunity to be the first in line for an improving local economy.
This week, local developers met with the International Council of Shopping Centers at an event in Dearborn to discuss retail opportunities in Michigan. A spokesperson for the event said that they were expecting to reach about 400 attendees, which would be an increase from last year and would make the event successful. The meeting is centered on development of commercial properties in the area and is an opportunity for a wide range of people to meet and make deals.
In addition to franchise deals, developing commercial space also requires significant work on leases, permits, zoning, and other complex legal hurdles. For both big and small developers and companies, the advice of an experienced real estate lawyer is an important part of making sure that the deal is favorable and that the business going into the commercial space will be able to operate as planned.
Many familiar and new companies are interested in investing in the Detroit area. This conference attracted local entrepreneurs as well as international brands such as McDonalds and The Gap. Working with those formidable companies can be an exciting and also daunting task for smaller business and also holds a lot of potential in the gradually improving economy.
Source: Detroit Free Press, “House Envy: Local Developers to gather in Dearborn with retailers,” Greta Guest, July 19, 2012.