Monday, June 18, 2007

New Plans for Detroit Shoreway's The Detroit Superior Lofts

Those of us in real estate have been hearing about the proposed Detroit-Superior Lofts for a while now. There are two articles about the plans and it's always a bit amusing to see the differences in the stories. Isn't news always like that? It seems the project is still a 'go' and it is still being developed by TEG Properties of Cleveland. Both articles agree on that. They also agree that the non-profit group A Place For Us is no longer in the picture for that site. (The site btw, is at the corner of W. 28th and Detroit)

Crain's Cleveland is where I first read about it today. Stan Bullard wrote an article about the 50 unit project. It was once also going to cater to more senior residents (in additon to the gay population) and it was to be a four story building. According to Bullard, it is now a seven story affair. He also says the prices for the units will start upward of $140k.

The Plain Dealer article written by Henry Gomez goes into a bit more detail about why A Place For Us pulled out of that location, feeling more confident in a different developer and deciding on a Lakewood Gold Coast site for their involvement. A rep from TEG is quoted here as saying it should be completed (the project) sometime next summer.

Both articles say the cost of the project is around $15 million. The PD article says the units will start at $150k. Well, I guess that is 'upward of $140k.' One good thing, it's a much lower price point than the usual $300k new construction we have been seeing. Peace Out - 3C