Here are a few of the stories we're reading this week.
Speculator #1
Aaron Mondry of Outlier has started a new series that takes a deep dive into speculation in Detroit. He starts with one of the most notorious speculators, Dennis Kefallinos, who currently owns 292 properties in the city. He's been accumulating buildings for years, sometimes letting them sit, sometimes selling them, sometimes making them usable (to an extent). Some of his most well-known buildings are the Russell Industrial Center, the Roosevelt Hotel (near Michigan Central), and Shapero Hall, which he bought in 2007 for $2.3 million, then sold it for $16 million in 2018 to developers who demolished it. There's a lot to unpack here, including the effect on neighborhoods. You can read about it in Outlier Media and hear more about it in this conversation with Daily Detroit.
Next up for the Mid
The prominent empty space along Woodward near Whole Foods could see some activity soon. Developers with the Mid presented to the City Planning Commission last week with new plans, which include a 216-room Thompson Hotel (a Hyatt brand) over 15 floors, a 217-unit residential building over seven floors over retail, a 153-unit apartment building over 13 stories, and a seven-story parking deck. The development was first announced over five years ago, on a much bigger scale. The hotel will start construction first, and they plan to have it completed in early 2027. Crain's Detroit Business (paywalled)
More land for the Innovation Center
The University of Michigan Board of Regents approved the purchase of 2.3 acres of land near the under construction UofM Center for Innovation, currently under construction. It's not known yet what the land, located near I-75, will be used for. The UCMI is a $250 million project, with the first building opening in 2027. Detroit News
