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.
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.
Residents who live in the downtown areas of Michigan know that space is limited. And as readers of our blog have seen from previous posts, many developers have taken it upon themselves to reuse properties in areas with limited space and repurpose them to the needs of that particular area.
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.
At the risk of sounding mean or insensitive, it's nice to hear that, when it comes to commercial real estate disputes, Michigan is not the only state that has difficulties it needs to work out.