Metro Detroit’s retail market is characterized by strong tenant demand and investors’ eagerness to acquire and backfill vacant properties. In the downtown area, the revitalization efforts and adaptive reuse developments that started well before the pandemic continue. In fact, this year marked Detroit’s 100th commercial demolition, accelerated by $95 million in American Rescue Plan Act funding. Over the past five years, the City of Detroit has invested $1 billion in preserving or developing more than 4,600 affordable housing units. The hard work is paying off. Between July 2022 and July 2023, Detroit experienced population growth for the first time since 1957, according to the U.S. Census Bureau. A major highlight this year was the reopening of the long-abandoned train station, Michigan Central Station. Ford Motor Co. redeveloped the property in the city’s Corktown neighborhood into a 30-acre technology and cultural hub. Until Aug. 31, the first floor will be open for “Summer at The Station,” where visitors can take self-guided tours and enjoy food and beverages outside. This fall, the first commercial spaces will begin opening to the public. Meanwhile, developer Bedrock topped off construction of its Hudson’s project, the redevelopment of the former J.L. Hudson’s department store site. General …
