Denali purchased the vacant lot property from developer Ed Shaffran, who had been working for several years to get approvals to develop condos at the Downtown location. Shaffran purchased the property for $470,000 in 2001. The purchase price for the sale to Denali was not disclosed. When Shaffran, purchased the property, it held a condemned 1845 Greek Revival house.
Denali says construction should begin next spring and be complete by the start of 2006. Pre-selling will be handled by Ann Arbor-based Edward Surovell Co., which also markets Denali's Royal Oak project. Prices are expected to range between $325,000 to just under $800,000.
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