A new tactic is being used in West Michigan to finance rental properties, and it is one that many people may be familiar with by now: Crowdfunding. The popular tactic has been used for many other types of projects, but a new site that is being launched is aimed at letting people invest their money directly into real estate projects in Michigan, offering them returns on that investment in the future.
A study released in September indicated that Grand Rapids was second in the nation for job growth from 2010 to 2013 and pinpointed the metro area as a magnet for the manufacturing and health care industry. Real estate investors have made the connection between the growth of the income and an improved real estate market. They have decided that Western Michigan is a smart place for them to find great real estate properties. The growth of the region has revived the faltering reputation that once caused Newsweek to call Grand Rapids a dying city.
The 60-story building in Lower Manhattan known as One Chase Manhattan Plaza has been sold by JPMorgan Chase to a Shanghai-based conglomerate for $725 million. The buyer has not indicated whether the building, considered a landmark and an important party of New York City's financial district, will be converted into apartments or continue to be a commercial property. The bank has been under investigation by federal regulators stemming from irregularities in its mortgage-backed securities business that affected investors in Michigan and elsewhere.
A lot of planning went into what will become the new Spartan stadium on the campus of Michigan State University. Athletic administrators wanted to give athletes and their families the experience they deserved and the fans a stadium worth cheering in. But there was a lot to hammer out before the first shovel could be lifted to break ground on the site.
When downtown Kalamazoo officials announced PlazaCorp Realty Advisors Inc.'s plans to purchase--and perhaps reinvest--in the land and buildings along the west side of the 200 block of Rose Street, there may have been some trepidation among some of the current tenants. That's mainly because there was no word of what PlazaCorp intended to do with the property once it had purchased it.
Hockey fans in Michigan rejoiced this month after the city of Detroit announced that it had approved a memorandum of understanding to build a new home for the Red Wings in the downtown area. The $650 million project is expected to cover approximately 45 blocks from Grand Circus Park to Charlotte St., between Woodward Ave. and Grand River Ave. According to planners from the Downtown Development Authority, the new stadium will finally incorporate all three of the state's major league sports venues into one entertainment district at the heart of the city.