Michigan Real Estate News Roundup
A weekly roundup of Michigan real estate news
- The historic Albert Kahn Building in Detroit’s New Center has been sold. The building is being converted to 200 apartments, with ground-floor retail.
- The Lafayette Park neighborhood in Detroit, located just east of downtown, will see five new development projects, including a Meijer supermarket.
- Four Sears stores in Michigan will be closing in the latest round of store-closings for the moribund retailer. The locations closing are Flint, Dearborn, Sterling Heights, and Traverse City. These closings may have a domino effect, as the loss of an anchor store at each of the impacted malls may impact the viability of the malls themselves. The former CEO of J.C. Penney believes that 75% of malls in the United States will close.
- However, even as regional shopping centers continue to suffer, small retailers that focus on “urban shopping experiences” are planned for downtown Detroit.
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.
