Shopping Center Business

JUL 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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MICHIGAN July 2018 • SHOPPING CENTER BUSINESS • 63 erties for a long period of time. "You have to put hard money down and close on it," he explains. Bedrock has acquired and developed more than 100 commercial properties totaling approximately 16 million square feet in Detroit's urban core. Construction is underway at the Hudson's site, which formerly housed the well-known J.L. Hud- son department store. A 1 million-square- foot mixed-use development with an 800- foot tower will take its place and become the tallest building in Detroit. The Hudsons site is located near the Shinola Hotel, which is slated to open lat- er this year and is a partnership between Bedrock and Shinola, the Detroit-based watch, bicycle and leather goods retailer. Retailers currently operating down- town may have felt obligated to open stores at the beginning of Detroit's revi- talization because of the limited space in the CBD for certain retail uses, says Jason Greenspan, investment sales associate with Farmington Hills, Michigan-based Landmark Commercial Real Estate Ser- vices Inc. "Retailers would rather pick a placeholder in the CBD than have to scramble later on for less desirable space," he says. "Regardless, momentum will continue in the foreseeable future." BEYOND DOWNTOWN Despite the negative reputation and dwindling population associated with the city of Detroit, its suburbs have ex- perienced explosive growth, according to recent estimates from the U.S. Census Bureau and The Detroit News. About 15 miles to the north of down- town Detroit is Royal Oak, home of the Detroit Zoo and numerous local retailers and restaurants. And 10 miles west is Dearborn, home of Ford Motor Co. The company's real estate arm, Ford Land, is redeveloping two blocks of Michigan Ave- nue into a mixed-use development known as Wagner Place. Featuring 40,000 square feet of retail and restaurant space, the de- velopment is slated to open this year. In Commerce Township, about 35 miles northwest of Detroit, Robert B. Aikens & Associates is developing a new 350,000-square-foot lifestyle center known as Five & Main. As of the first quarter of 2018, there was more than 1.1 million square feet of retail space under Bedrock is developing the 130-room Shinola Hotel, which is slated to open later this year on Woodward Avenue. CLASSIFIED MALL COMPACTORS NO COST TO MALL DEVELOPERS FAIR SHARE DIRECT TENANT BILLING For Rubbish Removal A 20 year history of serving • • • • • • • • MALLS• • • • • • • • OLYMPIC MALL SERVICES A division of Olympic Compactor Rentals, Inc. Chip Panciocco 1-800-722-5371 PROFESSIONAL SERVICES ACCOUNTING, AUDITS Retail Tenant Sales • Compliance • Restaurant • Specialty Examinations United States • Canada • Caribbean Phone 985.626.9979 • 800.999.LAMY • Fax 985.626.9943 E-mail: kslamy@thelamygroup.com ARCHITECTURE/DESIGN For classified advertising information, please contact Barbara Sherer (404) 832-8262 bsherer@francemediainc.com

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