COMING SOON To Metro Detroit - There are several new developments coming to the Metro Detroit area in the near future, so be sure to stick around until the end, so I can break it all down for you!
This blog is a direct transcript from the video below. This comes in 3 versions: You are able to watch the video, read the blog for your convenience or listen to the audio experience (which is linked under the video below).
As you may or may not know, It was announced a year or so ago that by the year 2025, all automotive companies will be selling all electric vehicles only, and by the year 2050 over half of all cars on the road in the united states would need to be electric to meet the new emissions regulations. With that being said, Michigan has won the bids to build two battery manufacturing plants beating out several other states, which includes one plant being located in Wayne County and the other in the Big Rapids/Holland area.
What does this mean? Well, they are expecting 4,462 jobs and over $4 billion in economic investment, and just recently General motors and LG energy solutions announced projects that would be located near Lansing and Holland, and all these projects together would result in over 7,300 advanced manufacturing jobs and an estimated electric vehicle battery investment of over $8.5 billion to the state of Michigan.
The executive vice president of government affairs, Mike Johnston spoke about this new development and said it would be critical for the future of Michigan, as the country takes this crucial time to transition from internal combustion engines to electric vehicles.
A development at this scale has further proved the state’s sustainable economy, along with the generational opportunities in these workforces, it’s clear there’s going to be quite a demand for these skilled individuals in the coming years, as these projects near completion.
The next development to keep your eyes out for is the Joe Louis arena site tower, that is said to be completed in spring of 2024. It’s a 25 story residential town in Detroit that will begin in early 2022. As you may or may not know, the joe louis arena was home to the Detroit Red Wings and was torn down and a new location called the little Caesars arena was built and is now home to not only the red wings, but the Detroit pistons as well.
Another development in the works is the creation of the upscale Lafayette west condos in Detroit’s Lafayette park. There will be 318 units disbursed throughout 6 five-story buildings with a mix of 230 apartments and 88 for purchase, and it will cost roughly $133 million, and is said to be completed by Spring of 2023.
Dan Gilbert, the legendary philanthropist who has done quite a bit to rebuild the city of Detroit, is in the process of developing two buildings where the one of a kind Hudson's department store used to stand and was considered the tallest retail building in the world. one building being a skyscraper with luxury residences along with a hotel, and a 11-story mid-rise with more than 550,000 square feet of office space and ground floor retail. Located off of Woodward avenue, has broken ground in 2017 and is still undergoing construction, there has not been a grand opening date set for this development yet.
If you’ve ever had a chance to experience Detroit’s riverfront, you know the beauty and hard work that was put in place to create such a one of a kind atmosphere, but recently, there's a plan to revitalize 5.5 miles of the frontage along the Detroit River. This $75 million investment will be near the Joe Louis Arena location and will consist of over 22 acres of playscapes and recreational areas.
The next development in the works is the Oakland Mall. located in Troy, Michigan, real estate investor Mario Kiezi, purchased this 1.5 million square foot building and wants to transform it into an “anti-mall” in hopes to create more appeal to teens and have several new trending features, along with affordable entertainment for families.
Another big name in Metro Detroit is Ilitch. This Ilitch family played and still plays a huge role in the revitalization of Detroit. Being the founder and owners of Little Caesars pizza, and owning the Detroit Red wings and the Detroit Tigers, along with Motor city casino hotel, they are in the process of rehabbing the united artists theater builder off of Bagley street, and is set to transform it into 148 residential units. This $75 million project is set to open in late 2023.
The Dearborn based Fairlane town center mall was purchased in May and is set to be transformed into a mixed use development consisting of shopping, housing and even some medical services. This mall opened back in 1976 and has 3 floors with just around 125 stores.
Next on this list we have the several underused office buildings across metro Detroit. There are A TON of them, even schools, motels and department stores. Little by little, these are all being converted into new housing in the Southfield area, which tends to be a hub for large corporate buildings. There is no set opening for all these new developments, but they have a plan in motion to create more housing in the area.
There are many more developments being planned and started in the metro Detroit area, I’ll be sure to put a link in the description in case you’re interested in what is coming soon to the area, because who knows, maybe these new developments will make or break your future decisions. It truly never hurts to stay on top of what’s coming soon, as I’m sure a lot of you didn’t know there’s 8 more chick-fil-A’s coming to metro Detroit that will be debuted over the next several years.
MENTIONED LINKS 🔗
→Coming Soon To Metro Detroit: https://bit.ly/3VD1YY9
→Projects Coming To Metro Detroit: https://bit.ly/3gk38rk
→Metro Detroit Eateries: https://bit.ly/3TxttRc
→Metro Detroit Chick-fil-A's: https://bit.ly/3yQghis
Andrew McManamon is a Michigan REALTOR® with Signature Sotheby’s International Realty and provides real estate services to Buyers, Sellers and Investors throughout SE Michigan including Livingston County, Oakland County, Washtenaw County, Genesee County & beyond. Andrew has become one of the rising stars of Michigan real estate agents. Prior to his real estate career Andrew was responsible for managing a senior living facility in Brighton, Michigan as a dining supervisor and an activities assistant. Andrew’s passion to help people is unlike any other, and he continues to strive to be best resource he can be. Andrew graduated from Cleary University in Howell, Michigan with a double major and currently resides in White Lake, Michigan.