  Tetsua Member Username: Tetsua Post Number: 1142 Registered: 01-2004 |
http://www.freep.com/apps/pbcs .dll/article?AID=/20070326/BUS INESS06/703260326 The developer says that potentially they'd like to start building in June. | ||
Alexei289 Member Username: Alexei289 Post Number: 1262 Registered: 11-2004 |
This is incredible news... Having 40 people line up with checks in hand to snatch property in the city... is huge ass news... Not just in Detroit but ANYWHERE in this ailing metro area.. If a developer were to get ready to build a neiborhood in the burbs, and 40 people showed up with checks the first day... it would be literally unheard of. To celebrate this news... the Free press decided to write 3 paragraphs and give 1 pic. No map of the plans... no artist rendering... just B side news... Just a few years ago this would hit the front page atleast... maybe not in the middle.. but it would be there. Fuk ya Gannet... keep cutting costs and forcing horrible journalism on the rest of this country. I especially love your real estate articals about the housing market... clearly written from out of state as nothing they said applies remotely to michigan. | ||
Jt1 Member Username: Jt1 Post Number: 8644 Registered: 10-2003 |
Great to hear but I wonder how many of those 40 will actually close. I suspect between 20-25 actually stay with it. Not a knock on the developer or the buyer, just reality of the market and how pre-construction sales often work. The lower the deposit amount the more people will pull out over time. Anyone know how the amount of the required deposit? | ||
Rjlj Member Username: Rjlj Post Number: 298 Registered: 11-2003 |
What is your basis for your comments Jt1? Are you a developer? | ||
Jt1 Member Username: Jt1 Post Number: 8645 Registered: 10-2003 |
History of projects. I am not a developer but know the new development process pretty well. I am not saying it is the case here but asking and speculating. If the deposit is $10K I suspect that most are solid. If the deposit is $100 I suspect that a decent amount will fall through. Again, my comments are just speculation with no basis in fact. The simple fact of the matter is that regardless where in Metro Detroit, pre-construction sales events rarely result in 100% of the deposits turning into sales. | ||
Downtown_remix Member Username: Downtown_remix Post Number: 63 Registered: 03-2007 |
Our history in developement has no real reflection on our current,future developments.even though the housing economy is on its knees,Downtown Detroit it in a different path,expecially if the developement is on the riverfront. Detroit's main untapped market.this particular developement is not a carbon copy of anything in the entire state,nor is the book caddilac | ||
Jt1 Member Username: Jt1 Post Number: 8647 Registered: 10-2003 |
I agree and I think this development will do well in the long run. I just think that there tends to be an over excitment and too much faith in the initial number of people that put a nominal amount down. Regarless if these 40 close or not I don't think this development will struggle finding others interested as construction starts moving forward. | ||
Rjlj Member Username: Rjlj Post Number: 299 Registered: 11-2003 |
Agreed Downtown_remix. Totally new for Michigan and it does not seem to follow typical Michigan real estate patterns. | ||
Eric Member Username: Eric Post Number: 725 Registered: 11-2004 |
One thing I'd be worried about is potential residents not being able to sell their homes in suburbs with the market being so weak. That could delay or outright kill the sales for people interested in buying here. | ||
Thejesus Member Username: Thejesus Post Number: 770 Registered: 06-2006 |
Alexei: Go here to see artists' renderings http://www.atwaterlofts.com/si te.htm | ||
Sharmaal Member Username: Sharmaal Post Number: 1038 Registered: 09-2004 |
Eric - I could see that as a concern if the move-in date were this year, but this development won't be ready for years. I think that minimizes your concern (hopefully). | ||
Crew Member Username: Crew Post Number: 1159 Registered: 02-2004 |
I passed on @Water once I saw the floor plans. I'd prefer a more traditional construction as opposed to the exposed duct work of these "loft" units. I've already registered for the Griswold grand opening though. | ||
Thejesus Member Username: Thejesus Post Number: 772 Registered: 06-2006 |
Crew: There doesn't appear to be any exposed duct work in the interior renderings on the website...maybe what you saw was more recent though.... | ||
Emu_steve Member Username: Emu_steve Post Number: 192 Registered: 11-2006 |
My guess is that the water front will turn out to be the hottest housing market in Detroit esp. with the river walk. I will take the caveat that some folks will need to sell one to buy one, but that doesn't change my premise that the waterfront will have as much allure as any housing in Detroit. | ||
Eric Member Username: Eric Post Number: 727 Registered: 11-2004 |
Good point about the move in date. Maybe the housing market will be in better shape in 2008. | ||
Archinnovator Member Username: Archinnovator Post Number: 19 Registered: 12-2006 |
I was at the sales event, the deposit was $1000, with 5% due in 60 days. The units ranged anywhere from $250k to $1.6 million. The units, especially with water views were going really quick. We arrived about an hour after it began, and a friend of mine put a deposit down on one of the last riverfront units left. It was a nice event, and very well put together and informative. Dwight Belyue, the owner of the development firm (Belmar) for the project was there and talking to prospective buyers. Very encouraging overall. | ||
Archinnovator Member Username: Archinnovator Post Number: 20 Registered: 12-2006 |
Also, move in date is tentatively set for the beginning of 2009, so hopefully that will allow prospective buyers to get their finances in order and follow through with their purchases. | ||
Emu_steve Member Username: Emu_steve Post Number: 193 Registered: 11-2006 |
I went to their website and checked some of their images. Some of those images remind me of a couple parks in Old Towne Alexandria (Va) [Founders and Oronoco for anyone really familiar with Old Towne Alexandria], with the beautiful river walks, big rocks with the bridge in the background, etc. http://www.atwaterlofts.com/si te.htm (Images of Detroit, esp. #5,6, and 7). This project really has awesome potential. I can see why folks are willing to pay some big bucks for these units. This could be huge for Detroit if it pans out. | ||
Lmichigan Member Username: Lmichigan Post Number: 5302 Registered: 10-2003 |
The fact that they pre-sold so many shouldn't be a surprise. The Gardens at Brush Park, the B.C. etc...had similar fast sells. | ||
Jt1 Member Username: Jt1 Post Number: 8662 Registered: 10-2003 |
Arch - Nice to hear about the 5%. When that time comes it will probably show which buyers are committed. Glad to hear it went well | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 371 Registered: 11-2006 |
50% of the 225 units have to be pre-sold before they will even begin groundbreaking. Still a ways to go | ||
Archinnovator Member Username: Archinnovator Post Number: 22 Registered: 12-2006 |
Spirit, does it say on the website or elsewhere that 50% must sell prior to groundbreaking? Just curious, because reps and salespeople at the event seemed convinced that construction would be complete by then beginning of 09, and didn't hint at any required sales goals. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 543 Registered: 11-2005 |
To celebrate this news... the Free press decided to write 3 paragraphs and give 1 pic. No map of the plans... no artist rendering... What are you talking about, man? Did you even read the paper? I count 13 paragraphs. It's the centerpiece in the Business section. Maybe you had the Freep and the News confused? | ||
Ray Member Username: Ray Post Number: 871 Registered: 06-2004 |
Is this design integrated with the street or is it set off with an open air parking lot in front of it? I get concerned that the density along the riverfront is too low and we don't really have a walkable cityscape being created. | ||
Jonnyfive Member Username: Jonnyfive Post Number: 13 Registered: 03-2007 |
very walkable I think because all three new projects on the riverfront are almost to the waters edge with the new riverwalk separating building from water. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 547 Registered: 11-2005 |
Again, Alexei, where did you learn to count, DPS?  http://freep.com/apps/pbcs.dll /article?AID=/20070326/BUSINES S06/703260326/1017/BUSINESS It looks much, much more impressive in print because, as I posted earlier, it was the Business page centerpiece. | ||
Lmichigan Member Username: Lmichigan Post Number: 5303 Registered: 10-2003 |
Jonny, that's only one side of the development. I also wonder if this thing will line Atwater, as well. I know Watermark's tower sits quite a bit back from Atwater, which is fronted by the townhomes, with all of the parking in the middle. | ||
Jonnyfive Member Username: Jonnyfive Post Number: 16 Registered: 03-2007 |
Im going to venture a guess that the reason they took bids for waterfront construction that were 5 and 6 stories tall is so that taller stuff could eventually be built behind it. The pictures and diagrams I've seen look like a very walkable setup with parking being indoors rather than sprawling behind the buildings. | ||
Rsa Member Username: Rsa Post Number: 1064 Registered: 10-2003 |
actually johnny, the degc's rfp for the sites in the east riverfront stated that they were looking for developments of this size. the primary goal is to preserve the scale and feeling of the area, but also because that is what the market can absorb in detroit in the next few years. the latter is based on studies and research for the downtown area, but also for detroit in whole. is was deemed better to have several midrise buildings instead of one or two taller structures built while the rest of the area remained vacant for the near future. | ||
Jonnyfive Member Username: Jonnyfive Post Number: 17 Registered: 03-2007 |
I agree, and it makes sense to build that size for several reasons: Preserves views of the river for others allows development lengthwise along the river in several structures rather than one tall building (like what you said, what the market can absorb) But I think the amount of space between those developments and Jefferson means that taller structures could eventuall be built in that space allowing for more riverview apartments/condos The last thing might not be one of their reasonings but I think it makes sense | ||
Rsa Member Username: Rsa Post Number: 1065 Registered: 10-2003 |
agreed. | ||
Lmichigan Member Username: Lmichigan Post Number: 5304 Registered: 10-2003 |
Jonny, as of January the planning commission has set a 110' height limit for everything south of Jefferson on the near-east riverfront. They are steering anyone seeking taller developments to the northside of Jefferson. | ||
Jonnyfive Member Username: Jonnyfive Post Number: 25 Registered: 03-2007 |
very interesting info | ||
Ericsprague Member Username: Ericsprague Post Number: 7 Registered: 02-2006 |
Another sign of progress on this project... Detroit, MI (BlackNews.com) - Tooles Contracting Group LLC, a general contractor, equipment installation, construction management company and one of the state's largest minority-owned firms of its kind, has been tapped as the project manager for the $250 million, @water Lofts Redevelopment Project. Full article: http://www.blacknews.com/pr/to olescontractinggroup101.html | ||
Lmichigan Member Username: Lmichigan Post Number: 5336 Registered: 10-2003 |
Good to see this steadily moving forward, and its good to see local firms involved. Thanks for the info, Eric. | ||
Tabletop Member Username: Tabletop Post Number: 86 Registered: 01-2004 |
http://www.freep.com/apps/pbcs .dll/article?AID=/20070408/BUS INESS04/704080523/1017 quote: | ||
Thejesus Member Username: Thejesus Post Number: 868 Registered: 06-2006 |
"Plans are also afoot to convert the vacant Globe Building, a dilapidated industrial building east of the Renaissance Center, into a residential project." I don't know what building that is...can someone help me out or maybe provide a pic? | ||
Llyn Member Username: Llyn Post Number: 1794 Registered: 06-2004 |
Someone help me out here, if I get this wrong. I wasn't expecting to find it so difficult to answer this question. First, there is the building I believe we are referring to on the Riverfront... The Globe Trading Company http://www.barraclou.com/memor ial/globe/globe01.jpg Then there is this building called the Globe Building which is in Bricktown/Greektown (and for some reason I thought was also called the Shell Building or something). http://www.redstonearchitects. com/CompanyInfo/PortfolioDetai ls.aspx?ProjectID=94 Correcto-mundo? (Message edited by llyn on April 08, 2007) | ||
Apbest Member Username: Apbest Post Number: 518 Registered: 03-2006 |
first one |
