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As Detroit Attracts new Real Estate Owners, Eliminating Previous business Tenants Becoming More Common

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The news that Detroit was filing for bankruptcy was probably the best thing that could have happened to the city. The news made international headlines and brought investors from all over the world to invest and rebuild the city. If that was the original plan, it was an ingenious effort. The city had previously been plagued by a huge scandal in the mayor’s office where funds had been misappropriated leaving the city in financial ruin.

Zana Smith was a tenant who, like many other business owners, had dominion over landlords who were desperate to rent properties for business owners in a dark economy.  As a result, some opted not to sign new leases and go month-to-month in case they decided to move and/or to have a better grip on the relationships with landlords. Spectacles, a shop that’s been at 230 East Grand River for over 30 years owned by Smith has been asked to vacate the premises. New owners have purchased the building and they are looking to remodel and re-rent the spaces. Unfortunately, the Smith’s are taking a double hit because they also live in the lofts above the store which they have also been asked to vacate. In this situation the landlord has full control. As a real estate agent, I would strongly advise that you consider signing a new lease if you don’t plan to move in a year or so. Depending on the market your rent could increase exponentially if the city allows it and a situation like this happens.  Why not protect yourself especially if you have been at the same location for a number of years.

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