As Detroit finally heads out of bankruptcy and looks to grow as a financial and corporate hub, law firms are busily opening offices in the area and hiring transactional lawyers. Jones Day has just announced the opening of a Detroit office, following the firm's role as counsel to the city in its successful restructuring. In a separate development, mid-market law firm Honigman Miller Schwartz and Cohn has ramped up its real estate finance practice with the hiring of an attorney from a competitor.
Douglas Kelin, who previously practiced law at Lipson Neilson Cole Seltzer & Garin, joins Honigman as a partner in Detroit. Kelin advises clients on real estate financings, acquisitions, construction, development, and restructuring.
“I had worked on some transactions with Honigman over the course of my career, so I did have a feel for the type of projects I could expect to be working on,” Kelin told IFLR1000.
His prior experience with the firm aside, it is hard not to view the lateral hire in the context of a resurgent Detroit. Interest on the part of developers focuses not only on hot properties downtown, but on the thousands of abandoned buildings in the city.
“We’re handling real estate deals all over the country, and, certainly some of biggest deals in the metro Detroit area,” Kelin said. “There’s a shortage of higher-rent type multifamily development downtown, and I know there’s a lot of interest in that area. There is also activity in the acquisition and renovation of existing buildings.”
Kelin noted that there is not a great deal of acreage downtown at the moment that would be available in a single deal, so unless clients want to try to assemble multiple parcels, the best opportunity may lie in buying an existing building and renovating.
“I have also seen interest in buying foreclosed commercial properties out of auction. It’s got to be the right property, and you’ve got to do your homework before placing a bid, but there are deals to be had out of the auctions,” Kelin said.
“I’ve certainly seen a lot more interest over the past year, and I expect that to translate into development this summer. The development trend is typically area-specific, such as downtown, Corktown, Midtown, and Eastern Market. I think those are hot areas right now. However, a number of communities throughout Detroit are looking for ways to attract businesses and development, and there are opportunities in those communities as well,” he added.
Kelin holds an LL.M. from Boston University School of Law and a J.D. from Michigan State University College of Law.