Here are a few of the stories we're reading this week.
City Club Midtown on hold
Last month, we had a little more hope for the long-awaited City Club Midtown Apartments, as they received brownfield funding. This week, Crain's reports that a Chicago bank backed out of the loan, leaving the team to find new lenders. Jonathan Holtzman says they're still moving forward, and in talks with another lender. He says this is on the bank, not Detrorit, not the development. This particular development has a lot of attention for one big reason: it would be the home of the Midtown Target, rumored for years. It would also bring over 300 apartments to Brush Park/Midtown. Nearby, the AC Hotel recently started construction next to the Bonstelle Theatre. I talked about this recent City Club news on a recent episode of Daily Detroit. Crain's Detroit Business
Parade Company ramps up fundraising
The Parade Company is intent on building a new facility at the Brodhead Armory on East Jefferson. The project would include a large space for floats that people could visit, in addition to renovations of the historic structure in front. They need to raise $45 million for the project, and are at about 23% of that goal now. They launched a new fundraising campaign last week, and are looking to open the facility in 2026. Detroit News
A look at Detroit's home price sales/increase since 2012
Detroit Future City released a report this week about the rise in sales and home prices around Detroit, broken down by neighborhood from 2012-13 to 2020-21. Core City and North Corktown had the largest percentage increase in sales (although the numbers themselves are small), but perhaps the more interesting numbers lie in the price increase over the last decade. In that case, the North End/Milwaukee Junction comes in on top: "Sales price rose from $3,503 to $122,500, a 3,398% increase," followed by Core City: "Sales price rose from $3,000 to $70,000, a 2,233% increase." It's also much easier to get a mortgage in the city than it was a decade ago. Detroit Future City looked at Wayne County deed records, not real estate websites. Detroit Free Press
