It seems like every time you turn on the news lately, another storm is barreling across the country. From Hurricane Sandy to the deadly tornados striking the Midwest, rebuilding communities will be a top priority for survivors. But with so much destruction comes the question of whether new constructions should included updated building codes, especially in areas where severe weather is so prevelant.
Last week, one of our posts detailed the development of the new Arbor Hills shopping center. Located on Washtenaw Avenue in Ann Arbor, the project seems to be catching more steam this month as the developers on the project announced that they have had 15 tenants sign leases already and are in various stages of negotiations with many others.
Back in 2006, the Ann Arbor City Council approved a plan for an ambitious 138,000-square-foot retail and residential project called The Shops at Arlington. The project was to replace vacant commercial buildings and a former car dealership in an attempt to redevelop a growing area. But when the economy tanked, the project fell apart and the property needed to be sold.
When Schostak Bros. first built the Cherrylander Center near Traverse City, the mall was supposed to bring in enough profit to pay off the $8.7 million loan used to build the commercial property. But when the economy downturned the family-owned development company was forced to default on its loan. In the end, Wells Fargo repossessed the mall then went after the developer for $2.1 million to cover the remaining balance of the loan.
When most people in Michigan think about retirement-living communities, their brains tend to conjure of images of retirement homes with bland food and décor that appears to have hit its stride 30 years ago. But with new ideas about what retirement life should really be like sweeping the nation in recent years, this common image could become a thing of the past.
Passed in 1972, the Clean Water Act, also known as the Federal Water Pollution Control Act Amendments of 1972, was considered to be a radical departure from previous federal water-quality legislation because it transformed how society viewed their impact on the environment on a whole.
As many commercial real estate property owners in the state of Michigan are already aware, there are certain legal responsibilities that you must adhere to by state law. One such responsibility is that of providing a safe premise. If a person slips and falls on your property, you could be held liable for any injury that person receives.
A vision for a livelier downtown Detroit is the dream of Quicken Loans founder Dan Gilbert. He's calling it "Detroit 2.0," and with his recent purchases of 15 downtown buildings and his investment in the M1 Rail transit project, Gilbert hopes to transform Detroit into a tech center akin to California's Silicon Valley.
Our blog readers know how closely we've been following the housing market since the recession ended. Would it rebound as quickly as we hoped it would? Would prices ever reach acceptable levels again? How would both the personal and commercial real estate markets change in the New Year?