Regions Midwest
$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 Midwest Headlines
Commission to Consider Lavonia Mall Redevelopment Plan
July 03, 2008
With most of Livonia Mall's tenants having negotiated lease terminations, the road has been paved for a massive remake of the shopping center just outside of Detroit, Mich., and the Livonia Planning Commission intends to give the plan the once-over on July 15, according to Crain's Detroit Business.
Fortes  Financial Secures National City Mortgage Wholesale Division
July 02, 2008
Fortes Financial Inc. has completed the  assumption of five regional wholesale offices formerly belonging to  National City Mortgage Corp.
44 cook Seattle's Schnitzer Moves into Denver with 2-Building Office Grab
July 01, 2008
Seattle-based Schnitzer West has ventured into the Denver market with its first acquisition there, a pair of offices that Schnitzer has bought in a joint venture with ING Clarion Lion Value Fund. The properties were purchased from Crescent Real Estate Equities L.P. for an undisclosed amount.
Bally Total Fitness Selects Jones Lang as Service Provider
July 01, 2008
Jones Lang LaSalle has been selected by Chicago-based Bally Total Fitness to provide transaction management, project management and lease administration for its portfolio of 350 health clubs.
Mohegan Takes Olympia Interest in Kansas Casino
July 01, 2008
The Kansas subsidiary of Mohegan Resorts L.L.C. has announced that it has acquired the interest held by Olympia Gaming-KC L.L.C. in Leg Sun L.L.C. for the development of a state-owned gaming facility and destination resort named Legends Sun in Wyandotte County, Kans.