(To read more on the multifamily market, click here.)
(Natalie Keith is a contributing writer to GlobeSt.com.)
TROY, MI-Chicago-based developer Joseph Freed Homes is planning to build two 18-story luxury condominium buildings on Big Beaver Road in the city's Downtown district. The $100-million development, which will house between 155 to 170 units, will be called the Monarch Private Residences.
Joseph Freed Homes director of Michigan sales and marketing Kris Gosselin tells GlobeSt.com that the company has received final approval for the project and is hoping to break ground in the fall. The company will begin selling units during the summer. The number of units sold will determine when construction begins.
The buildings will contain a mix of condominiums, from 900-sf units with one bedroom and 1.5 baths to 3,500-sf units with three bedrooms and three baths. Prices for the units will range from just under $400,000 for a one-bedroom unit to $2 million for a penthouse. The development will contain four penthouses--two in each building.
The ground floors of each building will contain a resident-only fitness center and lobby and retail space. The exact amount of retail space has not yet been determined. The company has begun marketing the retail space to potential tenants--including cafes, financial institutions and jewelers--but has not yet signed any leases, says Gosselin.
The development will be located west of Interstate 75 near the Somerset Collection, an upscale shopping center, which "really sets a tone of quality for the area." The project is similar to those the company has done in Downtown Chicago, where residents are within walking distance to shopping, dining and other services, Gosselin says.
Additional Michigan developments by Joseph Freed Homes include the Residences of Daisy Square in Plymouth; Main North Lofts in Royal Oak; and Ashley Terrace in Ann Arbor.
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