Michigan Real Estate News Roundup
A roundup of interesting Michigan real estate news from the past week.
- New construction entry-level homes are scarce in Michigan. Developers claim the profit margins are too small to justify the risk.
- New housing is also a challenge in Grand Rapids, where costs and demand have driven up prices, and made affordable rental units more difficult to locate.
- The Berrien County Land Bank plans to sell a parcel to a developer intending to create a medical marijuana facility. However, the sale is on hold pending a zoning ordinance amendment by Benton Harbor. The bid for the property is 90 times higher than the second highest bid.
- Four major development projects will completely change downtown East Lansing. All of the projects appear to be affected by the proximity to Michigan State University.
- Malls in Grandville and Portage were acquired as part of the acquisition of GGP by Brookfield Property Partners.
- Hazel Park Raceway, the last thoroughbred horse racing track in Southeast Michigan is closing. The underlying real estate is rumored to be on the market.
David Nykanen has over 22 years experience as a real estate lawyer. He is the former Chair of the Real Property Law Section of the State Bar of Michigan. Dave has represented property owners of virtually every type, including retail, multi-family, industrial, office, hotel, and high-end residential.
