Regions Midwest | Detroit
$1M Sale of 19th Century Retail Building to Yield New Apartment Complex
May 8, 2008

Detroit's Downtown Development Authority has just signed off on the $1 million sale of the historic Pepper Shoe Building on Woodward St. for a residential redevelopment endeavor, according to Crain's Detroit Business. A partnership that includes East Lansing's Sixty North L.L.C. plans to convert the 112-year-old structure, along with the neighboring 114-year-old Elliott Building, into a 70-unit apartment loft complex. The development team anticipates relying on a $10.8 million HUD D-4 loan to partially fund the $18 million project. If all goes as planned, the new multifamily property will likely be ready to welcome residents by spring 2010.


 
Recent Detroit Headlines
Pfizer's Plymouth Township Building Selected for New Life Science Hub
Aug. 01, 2008
The 57,500-square-foot building in Plymouth Township that was once a Pfizer laboratory is being eyed by a group of organizations--including the Michigan Economic Development Corp., Ann Arbor SPARK, the Greater Wayne Economic Development Corp. and a private foundation--for the site of the new Life Science and Innovation Center.
Vehicle Developer Finds a 37,500SF Home in Suburban Detroit
July 25, 2008
The automotive industry in Detroit may be battered but it's not beaten. U.K.-headquartered Gibbs Technologies, a globally recognized developer of high-speed vehicles for consumer and military use, has chosen a property in Auburn Hills as the home of its new North American headquarters.
Detroit Industrial Market Remains Strong
July 23, 2008
According to the Midyear 2008 National Industrial Report by Marcus & Millichap, industrial property operations in Detroit will be challenged this year, even as restructuring efforts by the Big Three automakers are beginning to ease, and the metro is projected to shed fewer positions than during each of the past two years.
62,000 SF of Industrial Space Snapped Up in Sterling Heights
July 11, 2008
The industrial property at 40675 Mound Road in Sterling Heights, about 20 miles from Detroit, Mich., has recently come under new ownership.