The city of Warren, Michigan, now holds the highest industrial property values in the region, thanks to General Motors’ most recent investment of $1 billion at the Warren Technical Center. Crain’s Detroit Business reports the recent investment allowed Warren, Michigan to surge to an overall value of $578.2 million.
That dollar figure passed the city of Detroit, which is valued at $480.5 million, and Auburn Hills, valued at $499.3 million. Warren Mayor Jim Fouts pointed directly to GM’s substantial investment as being the biggest boost to the city. Though, Fiat-Chrysler’s $1 billion investment into its Warren Truck Assembly Plant and Toledo site also help significantly.
“That’s been an added boost,” he said, adding that other developments nearby in things like hotels, retail and housing have caused the industrial values to go up, as well. “There is a spillover.”
The investments are starting to create a ripple effect in the area overall. Economic development officials are noticing many Detroit properties, which sat abandoned for years, are being renovated and coming back online. Officials stated the newly revamped properties will only add to the city’s industrial values in the years to come.
“Not only are we seeing more large-scale industrial investments like the $100 million Flex-N-Gate plant and $30 million Linc Logistics facility, more vacant neighborhood commercial buildings are being renovated and reoccupied to house new neighborhoods businesses through programs like Motor City Match,” said Jed Howbert, executive director of Mayor Mike Duggan’s Jobs & Economy Team.