Latest News

Revitalizing Neighborhoods: A Look at Fairfax, Glenville, and Hough Developments

In recent years, urban revitalization projects have gained momentum across the United States, aiming to breathe new life into neglected neighborhoods and communities. One such initiative has been unveiled in Fairfax, Glenville, and Hough—three historically significant neighborhoods that are now on the cusp of transformation. Let’s delve into these developments and explore the potential impact they hold for their residents and the broader community. Fairfax: Preserving History, Embracing Innovation Fairfax, located in Cleveland, Ohio, boasts a rich history as one of the first African-American suburbs in the country. Over the years, economic challenges and neglect have dimmed its once vibrant character. However, recent development plans seek to rejuvenate Fairfax while preserving its historical significance. One notable project is the restoration of historic landmarks, such as the iconic Karamu House, a renowned African-American theater and community center. Additionally, initiatives to improve infrastructure, housing, and access to amenities are underway, aiming to attract new residents and businesses to the area. Glenville: Fostering Economic Empowerment and Community Engagement Glenville, another Cleveland neighborhood, is undergoing a revitalization effort focused on fostering economic empowerment and community engagement. Collaborative ventures between local government, nonprofits, and private investors aim to address economic disparities and enhance quality of life for residents. Key components of the Glenville revitalization plan include the creation of mixed-use developments, affordable housing options, and support for small businesses. Moreover, initiatives promoting cultural enrichment and educational opportunities are integral to the neighborhood’s transformation, nurturing a sense of pride and belonging among its diverse population. Hough: Building a Sustainable and Inclusive Future Hough, a historic Cleveland neighborhood known for its pivotal role in the civil rights movement, is poised for a renaissance that prioritizes sustainability and inclusivity. Recognizing the community’s resilience and cultural heritage, development efforts seek to build upon existing strengths while addressing systemic challenges. Investments in green infrastructure, renewable energy, and sustainable transportation aim to create a more environmentally conscious and resilient neighborhood. Furthermore, initiatives promoting social equity, affordable housing, and access to healthcare and education are central to Hough’s redevelopment strategy, ensuring that all residents can benefit from its revitalization. Conclusion: The unveiling of revitalization projects in Fairfax, Glenville, and Hough signals a new chapter in the evolution of these historic neighborhoods. By leveraging their unique assets, fostering economic empowerment, and prioritizing community engagement, these developments hold the promise of creating vibrant, inclusive, and sustainable communities for generations to come. As stakeholders continue to collaborate and invest in the future of these neighborhoods, their transformation serves as a beacon of hope and inspiration for urban revitalization efforts nationwide. If you would like more information on our Cleveland properties please email invest@globalinvestmentsincorporated.com

Bloomberg’s Sustainable Cities Program Selects Cleveland as Beacon of Urban Sustainability

Cleveland, Ohio, joins a select group of 25 cities in the prestigious Bloomberg American Sustainable Cities program, marking a significant step towards fostering climate-friendly and equitable development. This initiative, backed by Bloomberg Philanthropies with a substantial $200 million investment over three years, aims to empower cities like Cleveland to leverage expertise and federal funding in pursuit of transformative urban solutions. The announcement, made by Cleveland Mayor Justin Bibb, heralds a new era of sustainability and resilience for the city. With Akron, Columbus, Cincinnati, Dayton, and Pittsburgh also among the chosen cities, this initiative represents a collective effort to address pressing environmental challenges while promoting inclusive growth. Central to the program’s objectives is the provision of dedicated staff members, funded by Bloomberg, to bolster Cleveland’s capacity in driving progress on climate mitigation and equitable outcomes. These skilled professionals bring expertise in data analysis, project management, and human-centered design, among other fields, equipping the city with the tools necessary to implement impactful initiatives. At the heart of the program lies the goal of helping Cleveland access historic levels of federal funding, made available through initiatives such as the Bipartisan Infrastructure Act and the Inflation Reduction Act. By leveraging these resources effectively, Cleveland aims to mobilize public, private, and philanthropic investments, catalyzing the implementation of high-impact urban climate solutions. Mayor Bibb emphasized the importance of addressing historical disinvestment in minority communities, which has left residents vulnerable to environmental hazards. By deploying climate solutions at the neighborhood level, particularly in communities like the Southeast Side, Cleveland seeks to reduce disparities and improve the health, wealth, and safety of all residents. With over $400 billion in federal funding available to local governments, the Bloomberg American Sustainable Cities program presents a unique opportunity for Cleveland to access critical resources for community development. By collaborating with partners such as PolicyLink, Bloomberg Center for Public Innovation at Johns Hopkins University, and the Natural Resources Defense Council, Cleveland aims to incubate and implement transformative solutions in the buildings and transportation sectors. The selection of Cleveland for this initiative underscores the city’s leadership and ambition in building resilient, equitable communities. Despite historical challenges, Cleveland remains steadfast in its commitment to advancing community prosperity amid the climate crisis. Through initiatives like the Bloomberg American Sustainable Cities program, Cleveland is poised to emerge as a beacon of sustainability, setting an example for cities nationwide. As the city embarks on this transformative journey, it stands ready to leverage the power of collaboration, innovation, and community engagement to create a more sustainable and equitable future for all Clevelanders. If you would like more information on our Cleveland properties please email invest@globalinvestmentsincorporated.com

Detroit turning industrial ruins into revitalised mixed-use spaces

The revitalization of massive Detroit industrial ruins into mixed-use spaces marks a significant chapter in the city’s ongoing transformation. Detroit, historically known as a hub of automotive and industrial manufacturing, faced severe economic decline and urban decay over recent decades. However, efforts to rejuvenate abandoned industrial sites into vibrant community spaces have gained momentum in recent years. Projects like the redevelopment of Michigan Central Station, Packard Plant, and other industrial complexes symbolize Detroit’s resilience and determination to repurpose its past for a brighter future. These initiatives often involve public-private partnerships, community engagement, and innovative design concepts to breathe new life into neglected spaces. The transformation of industrial ruins into mixed-use developments typically includes a blend of residential, commercial, cultural, and recreational elements. These spaces aim to create dynamic neighborhoods that attract residents, businesses, and visitors, fostering economic growth and revitalizing surrounding areas. Such projects not only preserve the architectural heritage of Detroit but also contribute to its cultural identity and economic diversification. By repurposing industrial ruins into vibrant mixed-use spaces, the city can reclaim its status as a center of innovation, creativity, and urban vitality. Moreover, these developments offer opportunities for job creation, affordable housing, and community engagement, contributing to the city’s long-term sustainability and prosperity. The transformation of Detroit’s Fisher Body Plant 21 into a mixed-use residential and commercial complex, named Fisher 21 Lofts, represents a significant step in the city’s redevelopment efforts, particularly on its near east side. Led by a team of African American businessmen under Kappa Construction Corp, this project aims to breathe new life into a dormant industrial site that has been abandoned since 1993. The redevelopment plans for Fisher 21 Lofts include 435 rental apartments, 38,000 square feet of commercial space, and various indoor and outdoor amenities, such as a food hall, café, co-working area, and internal atrium and courtyard. The location of the site, at the intersection of two major freeways, makes it a strategic spot for revitalization efforts. This ambitious project, with a budget of $145 million, showcases the commitment of developers Greg Jackson and Richard Hosey to reimagine and rebuild this historic site. Despite facing challenges in securing financing, including the need to knock on numerous bank doors and navigate various layers of financing, the project has garnered support from both public and private sectors. Detroit Mayor Mike Duggan initially expressed skepticism about the feasibility of saving the structure, but the developers’ track record and substantial investment changed the city’s stance. Crucial gap financing of almost $5 million from the Michigan Economic Development Corporation further facilitated the project’s progress. Furthermore, the developers are committed to diversity and inclusion in the construction process, aiming to involve Black, Hispanic, and female contractors as first-tier contractors, not just subcontractors. This commitment reflects their vision for an inclusive and equitable development process. In addition to Fisher 21 Lofts, another notable project on the far east side of Detroit is the rebuilding of the historic Arthur Murray dance studios into a mixed-use space named The Arthur Murray. This project, led by developer Emery Matthews, aims to preserve the building’s mid-century modern design while revitalizing the surrounding East Warren Avenue business strip. Both Fisher 21 Lofts and The Arthur Murray are among five projects in Detroit announced for grant funding totaling $14.5 million. These investments underscore the city’s commitment to promoting mixed-use developments led by diverse developers in strategic areas, contributing to Detroit’s ongoing revitalization efforts. If you would like information on our Detroit properties please contact us today.

All eyes are on the UK in the European Property Boom of 2024

Europe’s real estate market is on the brink of a significant resurgence, with the United Kingdom emerging as a frontrunner in this impending boom. Positioned as one of the most attractive markets due to substantial discounts, the UK is drawing increasing attention from investors by its resilient property sector and conducive investment environment. Industry reports from Savills and CBRE highlight the UK’s imminent upswing, propelled by a mix of factors and supported by its robust economic fundamentals. Despite global economic uncertainties, the UK presents itself as an attractive investment destination, offering a rapidly expanding property market, pent-up demand, and declining interest rates. Beyond economic factors, the UK’s appeal is bolstered by its robust legal and regulatory framework, instilling confidence among investors and affirming the nation’s reputation for delivering consistent returns over the long term. This confidence is reflected in the preference of international investors, with the UK ranking as the prime choice for cross-border investment in CBRE’s 2024 European Investor Intentions Survey. Leading this resurgence are investors from Taiwan, the US, Israel, and Japan, injecting substantial capital into key UK markets such as Britain, Germany, Spain, and the Netherlands. Despite a temporary decline in global cross-border real estate investment, the UK remains the preferred destination, poised to attract a significant portion of outbound investment, particularly from the US, expected to reach $13 billion in 2024. The diversity of the UK’s real estate market further enhances its allure, offering a wide array of investment opportunities across bustling urban hubs, picturesque countryside, and thriving coastal regions. This diversity, coupled with the UK’s status as a global financial powerhouse and innovation hub, positions it as a compelling destination for investors seeking stable and lucrative avenues for capital appreciation. Innovation within the UK’s real estate sector, supported by government initiatives such as plans for new housing and regeneration projects, underscores the country’s commitment to fostering a dynamic investment landscape. Infrastructure developments like the Ancoats’ Green project in Manchester are revitalizing local communities and driving demand for housing nationwide. As investors flock to the UK in anticipation of lucrative opportunities, the nation’s property market is poised for growth. Despite a minor dip in house prices in 2023, forecasts indicate a potential uptick in 2024, signaling a timely opportunity for investment. Regional cores, particularly in the Midlands and the East, are witnessing significant growth, presenting investors with promising entry points into the market. In summary, the UK’s leading role in the European property resurgence offers investors a compelling proposition characterized by stability, growth potential, and innovation. With property prices expected to rise and regional cores showing promising growth, now is the opportune moment for investors to explore the UK property market before prices escalate further. If you would like some information on our UK properties please email invest@globalinvestmentsincorporated.com

Transforming Detroit’s Historic Neighbourhoods : Millions Invested in Revitalisation Projects

The Detroit Economic Growth Corporation (DEGC) has secured a significant boost for Detroit’s development landscape, with a $14.5 million grant from the Michigan Economic Development Corporation (MEDC) through the Revitalization and Placemaking (RAP) 2.0 program. This funding injection is set to provide essential gap financing for five major mixed-use development initiatives, representing a total investment exceeding $255 million. These transformative projects are strategically positioned across downtown Detroit and vital neighborhood commercial corridors, aiming to invigorate communities and enhance economic opportunities. Today, amidst an atmosphere of celebration, the DEGC, along with Mayor Mike Duggan, Invest Detroit, Midtown Inc., and other city officials, convened at the Jefferson Intermediate School, one of the projects slated to benefit from this funding, underscoring the significance of these investments in driving progress within the city. “The RAP grant activates strategic Detroit developments to advance inclusive growth brick by brick,” remarked Kenyetta Hairston-Bridges, DEGC Chief Operating Officer and Executive Vice President. “This critical funding has the potential to uplift our neighborhoods through impactful housing, jobs, and services that Detroiters deserve.” These five projects, collectively valued at over $255 million, will introduce increased density to key areas through a combination of commercial spaces, market-rate housing, and workforce accommodations. Notably, the majority of these endeavors are spearheaded by African American developers, further emphasizing a commitment to diversity and local engagement in Detroit’s revitalization efforts. With four of the five projects expected to commence construction in the first quarter of 2024 and the Jefferson School already underway and halfway through completion, these grants will serve as vital reimbursement for developers as project phases are completed. The DEGC remains actively involved throughout the construction process, ensuring transparency and accountability to facilitate successful project delivery. The projects recommended for funding through the RAP program encompass a diverse array of initiatives, including: Broadway Lofts: Conversion of three buildings on Broadway Street into a mixed-use property, featuring residential units and ground-floor retail space. Fisher 21 Lofts: Transformation of a 600,000-square-foot building into residential units alongside retail and co-working spaces. The Arthur Murray Building: Conversion of a historically significant structure into residential apartments and ground-floor retail space. Jefferson Intermediate School: Renovation of a school building into a multi-tenant office and innovation/co-working space. The Deco: Revitalization of a long-vacant commercial building into rental apartments and a ground-floor restaurant. These initiatives stand as testament to the collaborative efforts driving Detroit’s resurgence, fostering inclusive growth and revitalization that benefits all residents and stakeholders. If you like more information on our Detroit properties please contact invest@globalinvestmentsincorporated.com

Major Developments Planned for Detroit in 2024 & 2025

Detroit has changed drastically in the last 10 years to become one of the best cosmopolitan cities in the US, the skyline of Detroit, once a symbol of industrial might, is now full of modern innovation and urban revival. In downtown you see new modern glass and steel skyscrapers, designer brand and international fashion houses, award winning restaurants, sleek sleek office complexes. 10 years ago the sidewalks were quiet and people were reluctant to walk the streets, today you’ll see the signs of change. Sidewalks are full of excitement, leading to the newest additions to Detroit’s architectural tapestry. The buzz of conversation about these developments fills local coffee shops and street corners with pride. So you would think they have done enough to revitalise Detroit, you are wrong they haven’t even started, now we look a the huge new developments that are planned for 2024 & 2025 Hudson’s Site Detroit’s Hudson’s site is one of the most anticipated developments of 2024. One of the development’s two buildings was projected to be the tallest structure in Detroit at 800 feet, then at 900 feet with an observation deck, before it was brought down to 684 feet. Although its height will be second to the Renaissance Center’s, this doesn’t impair the elegance of the structure’s glass facade nor negate the availability of 1.5 million square feet of office, retail, hotel, and residential space, which contains 97 luxury condos. Hart Plaza At the center of Hart Plaza’s $9 million renovation — funded by President Joe Biden’s American Rescue Plan Act — is the restoration of the 1981 Horace E. Dodge and Son Memorial Fountain. The plaza’s restoration also includes repairing the amphitheater’s seats. Other technical aspects of the plaza will also be addressed, such as updating the fire alarm systems and replacing plumbing. Gordie Howe International Bridge The construction of what will be the longest cable-stayed bridge span in North America has been going on since 2018, and the end is near. The project was conceived to improve travel efficiency at the Windsor-Detroit Gateway (the Detroit-Windsor Tunnel and the Ambassador Bridge), the busiest commercial land border between the U.S. and Canada Michigan’s First RH Gallery Downtown Birmingham will be home to Michigan’s first full-service RH (formerly known as Restoration Hardware) gallery. The first three levels of the mammoth four-story building will serve as a showroom to display lighting, furniture, and textiles, while a restaurant is planned for the fourth level. Ford’s Michigan Central Station One of the most dramatic rehab jobs in the nation, the formerly abandoned Michigan Central Station off Michigan Avenue in Corktown, will reopen next year as new office, events and community space — and possibly later add a hotel. Joe Louis Arena site apartments, hotel A 25-story glass tower has been built where the old arena stood, and is expected to open in February. Known as The Residences at Water Square, the building contains 496 luxury apartments and went up fast by recent Detroit standards, taking roughly two years from start to finish. Co-Op grocery A new full-service grocery store is coming to 8324 Woodward in the North End. The two-story, 31,000-square-foot Detroit Food Commons building will contain the Detroit People’s Food Co-Op, a cooperatively owned grocery that will be open to the public. The building also will have community spaces and an incubator kitchen for food entrepreneurs. AC Hotel Construction is underway of a new 10-story, 154-room Marriott International AC Hotel. The project includes the restoration of the 120-year-old Bonstelle Theatre — situated next door to the hotel — as future special events space. Both buildings could be finished in September. United Artists Theater building Redevelopment of the 18-story United Artists Theater Building, 150 Bagley St., into a 148-unit, mixed-income residential building called the Residences @ 150 Bagley has been underway since early 2022 and on pace for a possible summer opening. Big New Center development Several segments of a $3 billion collaborative development in Detroit’s New Center area involving Henry Ford Health, the Detroit Pistons organization and Michigan State University are to get underway in 2024. The biggest is a 1.1-million-square-foot expansion to Henry Ford Hospital. It includes a new 21-story hospital tower along West Grand Boulevard and allows for the conversion of all the hospital’s patient rooms — an 877 bed count — into private rooms. Construction could begin in early 2024 for a 2029 completion. District Detroit + UMCI Construction could be in full swing next year on two big separate yet related developments: the $1.5 billion District Detroit and $250 million University of Michigan Center for Innovation, or UMCI. Detroit is turning into an incredible City and we are proud to be part of the journey over the last 12 years, its great to see the City returning to its former glory.

What Is Section 8?

What Is Section 8? The Section 8 program helps low-income, elderly, and disabled tenants afford decent and safe housing outside of the public housing system. With traditional housing assistance, many of these renters had to live in public housing facilities often located in rougher neighbourhoods, with very few other housing options. Using the Section 8 Housing Choice Voucher Program, tenants receive a housing voucher they can use for any privately owned apartment, townhouse, or house that has qualified for the Section 8 program. To start working with the Section 8 program, landlords and tenants must receive approval from the local housing authority. Requirements to become a Section 8 housing landlord and qualifications for renters vary by area. Approved applicants are put on a waiting list, unless housing is immediately available. Public housing agencies can give some preference to families that are homeless, living in substandard housing, involuntarily displaced, or paying more than half of their income on rent. Landlords, tenants, and the public housing agency then enter into a contract that outlines the roles and responsibilities for each of the parties involved. How Section 8 Works Each year, every state receives a block grant from the federal government to cover housing assistance costs. The states use a portion of this funding to cover the cost of the Section 8 program and to pay for a portion of the tenant’s rent and utility costs. Usually, the housing authority will pay around 70% of the tenant’s costs but in many cases can pay 100% of the tenant’s costs. As an example, consider a Section 8 tenant who has a monthly rent of $700 and averages $150 a month in utility expenses. Based on the 70% calculation, the housing authority would pay $630 of the tenant’s living expenses each month, divided between the landlord and the utility company. The tenant will then pay the remaining 30%. How much rent does Section 8 pay ? The Department of Housing and Urban Development (HUD) requires all housing authorities to determine an appropriate rent amount for all properties leasing in the Housing Choice Voucher Program. When the Request for Tenancy Approval is submitted, CMHA will check to make sure the rent is affordable for the family and reasonable for the area and amenities. The gross rent for your units (ie., the sum of rent and tenant paid utilities) must be reasonable. Rent reasonableness is defined as one that does not exceed gross rent charged for comparable unassisted units in the same market area. CMHA determines rent reasonableness by comparing the proposed unit to two comparable unassisted units in the area. CMHA takes many factors into consideration in determining rent reasonableness, including: Location Amenities Size/Type Utilities In addition to being reasonable, the gross rent must be affordable for the family. Affordability is determined by several factors: voucher bedroom size, payment standard, utility that the family is responsible for, and family income. For an initial contract, the total tenant portion (the monthly rent paid directly to you by the family) can be no more than 40% of the family’s monthly income. If the rent is not affordable because the family share would be more than 40% of the family’s monthly adjusted income, HCVP will negotiate with the owner to reduce the rent for the family so it is in compliance with HUD guidelines. Payment Standards CMHA’s payment standards are based on Fair Market Rent (FMRs). CMHA has established payment standards between 90% and 110% of the FMRs established by HUD. Please note: The payment standard is NOT the maximum amount that the landlord can charge; it is the maximum amount of subsidy that the CMHA will pay toward each tenant’s rent portion. Fair Market Rents and Payment Standards Fiscal Year 2024 CMHA established exception rent payment standards for well-resourced communities and for communities where HUD has identified by zip code the fair market rent as being greater than the fair market rents indicated in CMHA’s “Primary Fair Market Rents and Payment Standards FY 2024” table. In 2024, CMHA will continue to offer exception payment standards based on 2024 FMRs and Small Area FMRs. CMHA has done this to offer greater and more competitive housing opportunities to its voucher holders and landlords. The following is a guideline for current FMR/PS ( Fair Market Rents / Primary Standards ) Source – CHMA Government Housing Authority 2024 The above figures are current 2024 guidelines. Monthly rents can differ slightly from various ZIP codes. What are the benefits of Section 8 housing as an investor ? 1. Consistent, stable and guaranteed Rent Payments Once the Local Housing Authority inspects the property and clears the tenant for the rental assistance program, the landlord can expect to consistently collect monthly rent. This can be much more reliable than any other tenants because the housing authorities are government agencies and will make sure that the rental units are paid for. The rents are paid direct to the landlord via the City each month. 2. Pre-Screened Tenants Another great benefit of investing in section 8 housing is that the tenants are already screened. This is because, in order to qualify for the housing vouchers, the tenants must meet certain requirements. So, the local Public Housing Authority will conduct thorough background checks on every tenant to make sure that they meet all the requirements. If they uncover something, such as a criminal history, they will not be granted a voucher. 3. Low Vacancy Rates Vacancy rates in Section 8 real estate can be lower because tenants tend to stay where they are and renew year after year. If you would like to enquire more specifically in relation to purchasing a property with Section 8 tenants please feel free to email our team – invest@globalinvestmentsincorporated.com