Owner of Suburban Collection Showplace plans commercial, residential development in Novi
Blair Bowman, the owner of Suburban Collection Showplace, the conference and convention center off Interstate 96, made the announcement Wednesday on the city's public relations website.
Bowman said the $270 million project, dubbed Novi City West, would revitalize the Grand River Avenue corridor just west of the convention center.
But the overall effort hinges on public funding, specifically incentives from the Transformational Brownfield Program. He plans to pitch the project to lawmakers this week during the Mackinac Policy Conference.
Bowman has been acquiring land on both sides of Grand River near the convention center since the late 1990s.
The Novi City West development will feature commercial and residential projects in an area near Suburban Collection Showplace in Novi, Michigan.
Suburban Collection Showplace in Novi
The vision was described as a "walkable, integrated urban district." An artist depiction includes a pedestrian bridge over Grand River Avenue and sites for specialty stores.
The planned hotel would have 225 rooms. There is a 126-room Hyatt Place hotel in the area, but Bowman said more hotel space is needed to support large events.
More than 400 apartment and townhome units would finish up the initial stage of the development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
31 minutes ago
- Bloomberg
Home Depot Sales Gain on Small Home Projects
Get a jump start on the US trading day with Matt Miller and Katie Greifeld on "Bloomberg Open Interest." Intel shares reach the highest in five months as President Trump weighs a 10% government stake in the company to build the chipmaker's manufacturing prowess. Ahead of the Fed's gathering in Jackson Hole this Friday, Fed Governor Michelle Bowman joins Open Interest to discuss plans in her role as vice chair for supervision. Palo Alto Networks won praises from Wall Street after posting strong results, its CEO tells Open Interest that AI cybersecurity products are crucial to protecting companies against the prevalence of AI cyberattacks. (Source: Bloomberg)
Yahoo
a day ago
- Yahoo
Trump tariffs backfiring on US textile exporters — what it could mean to America's manufacturing 'bounceback'
In January, President Donald Trump declared 'tariffs' to be 'the most beautiful word,' adding that his sweeping tariff plan would 'bring our country's businesses back.' But Jeff Bowman, CEO of Colorado-based Cocona Labs, doesn't see that happening in his own industry — textiles — or manufacturing in the U.S. more generally. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Like Trump, he attended the Wharton School of Business, but told Bloomberg he suspects the president skipped the tariff class. 'The empirical history shows that when you impose tariffs, the net effect is that you reduce the amount of business that takes place,' he said. 'And we're seeing that happen already. Costs go up, consumers pay the price eventually.' Bowman is already experiencing it. Textiles in turmoil Cocona Labs produces a compound used in sustainable thermoregulation fabrics, but doesn't manufacture the fabrics themselves. Instead, the company ships batches of the compound to manufacturers around the world that produce the finished fabrics and products — from high-performance sports apparel to bedding. In turn, those countries export the textiles and fabrics back to the U.S. or sell them to their own domestic consumers. The problem is, the manufacturers are all in countries like China that Trump has hit with tariffs. In turn, those countries have imposed reciprocal tariffs on U.S. products — like Cocona Labs' compound. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Trump's tariffs and other countries' counter-tariffs are eating into Bowman's bottom line — making it tougher to keep costs down. In July, his company shipped a batch of the compound to China and absorbed 10% of the 16.5% tariff imposed on the product by China. 'That's not sustainable for us,' he said. 'Long term, we'd have to raise our prices. When we raise our prices, it will ultimately affect the amount of volume that's being sold. So it's not good.' Research suggests it's not good for consumers in the U.S. or abroad, raising prices for everyone and reducing sales. A 2024 Federal Reserve Board study found that the tariffs Trump imposed on other countries in his first term led to retaliatory taxes on U.S exports, 'hitting demand for the goods in many cases.' No bounceback yet Meanwhile, Trump's promised domestic manufacturing boom has yet to materialize. Certainly it hasn't boomed in Bowman's line of work. As the New York Times reports, the U.S. textile sector only employs a third of the 1.5 million Americans it once did. More generally, the manufacturing sector has actually shrunk in Trump's second term. The Institute for Supply Management (ISM) reports that U.S. manufacturing 'contracted in July for the fifth consecutive month,' along with employment in the industry, down for the sixth straight month. The Wall Street Journal notes while some companies are investing in U.S-based production — like Apple, which has committed $600 billion over the next four years — most companies won't make a capital commitment to set up a factory in the U.S. amid an ever-changing tariff landscape. With only 8% of the American workforce employed in manufacturing, economist and Harvard professor Robert Lawrence told CNN that the the sector will not be returning to the glory days of the late 1970s. 'These industrial and trade policies look like they were designed by an 80-year-old man who has nostalgia for the past when manufacturing was a real driver of employment opportunities,' he said of Trump's tariffs. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-08-2025
- Yahoo
One FOMC dissenter might have just called out the Fed for its shifting base interest-rate policy
FOMC member Michelle Bowman has urged consistency in interest rate policy, following questions about why the FOMC cut rates in late 2024 but is holding steady now despite similar levels of inflation and unemployment data. Citing sharp downward revisions to U.S. job growth, Bowman reiterated her forecast for three cuts this year while warning that declining data reliability complicates policymaking. Critics of Jerome Powell and the Federal Open Market Committee (FOMC) have argued the group's shifting stance on when to cut the base rate has been anything but constant. They point to a cut in the base rate in December, when Powell and his peers decided to lower the base rate despite inflation being at 2.9%—higher than the inflation rate from March to June this year. Moreover, the unemployment rate was at a relatively similar level to current readings. Yet in 2025, and despite mounting pressure from the White House and economists to do so, Powell has thus far refused to ease interest rates. While every member of the FOMC is aware of this rhetoric, Michelle Bowman has been the most recent to flag the issue. 'In my view, it is … important that the committee's approach to monetary policy decision-making is consistent over time—especially when we face shifting economic conditions,' Bowman said this weekend in a speech at the Kansas Bankers Association 2025 CEO and Senior Management Summit, held in Colorado Springs. Bowman's statements are all the more interesting given that she was one of two dissenters from the Fed's recent decision on the base rate. While the FOMC decided to hold the rate at 4.25% to 4.5%, Bowman had indicated prior to the meeting that she would like to see that figure come down. Speaking in Colorado, she added: 'I recognize and appreciate that other FOMC members may see things differently and that they were more comfortable with leaving the target range for the policy rate unchanged. I am committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our dual goals of maximum employment and price stability. 'In the meantime, I will continue to carefully monitor the incoming data and information as the administration's policies, the economy, and financial markets continue to evolve.' Questions about the motivations—and even the political nature—of the FOMC's decisions have come from influential voices in Washington, D.C. While Powell has long maintained that the Fed is not influenced by politics in any way, and has staunchly defended its independence from such influences, observers are still questioning, Why cut in 2024 but not now? For example, Trump's former commerce secretary, Wilbur Ross, told Fortune last month: 'Powell didn't have any trouble reducing interest rates. It's only since Trump got in that he has been much more cautious.' He added: 'Whoever is in the Fed is, after all, a human being, and human beings have political preferences, they have economic preferences, so the word 'independent' doesn't necessarily mean that it will be just fact-based.' Trusting the data Bowman, who is the Fed's vice chair for supervision, also hinted that she (and potentially other members of the FOMC) may have lost some faith in key data releases which help inform decision-making. 'I have discussed many times in the past that, in recent years, the monthly labor market data have become increasingly difficult to interpret, in part reflecting declining survey response rates and the changing dynamics of immigration and net business creation,' Bowman said. 'It is crucial that U.S. official data accurately capture cyclical or structural changes in the labor market in real time so that we can more confidently rely on these data for monetary and economic policymaking.' The warning comes after a shocking report from the Bureau of Labor Statistics (BLS), which revealed the U.S. labor market is in far worse shape than previously believed. The Labor Department reported on Aug. 1 that payrolls grew by just 73,000 last month, well below forecasts for about 100,000. But downward revisions for prior months alarmed investors even more, revealing that the labor market came to a near standstill over the spring. May's tally was cut from 144,000 to 19,000, and June's total was slashed from 147,000 to just 14,000, resulting in a combined cut of 258,000. The average gain over the past three months is now only 35,000. Trump responded by firing Erika McEntarfer, the commissioner of the BLS, prompting questions about the Oval Office's influence over data departments. Bowman added: 'I remain cautious about taking too much signal from data releases, but I see the latest news on economic growth, the labor market, and inflation as consistent with greater risks to the employment side of our dual mandate. 'My summary of economic projections includes three cuts for this year, which has been consistent with my forecast since last December, and the latest labor market data reinforce my view. I want to reiterate, though, that monetary policy is not on a preset course. At each FOMC meeting, my colleagues and I will make our decisions based on each of our assessments of the incoming data and the implications for and risks to the outlook, guided by the Fed's dual-mandate goals of maximum employment and stable prices.' This story was originally featured on
