Hey, they told me that Michigan economy is doing bad?
{Warning: Heavy Sarcasm Ahead!}
Some crazy people who have developed $400 Million worth of real estate in metro Detroit think that Michigan economy is still breathing. So they have decided to build a 90 acre site at Telegraph north of Square Lake Road.The 90-acre site at Telegraph north of Square Lake Road is being billed as a town center, one that includes lofts, condominiums, townhouses, restaurants and office space, along with high-end shopping, an extravagant health club and an 11-screen movie theater.
Included in the $2-billion development are eight parks, two lakes and miles of waterside walking paths.
So where is this place again? It's in "downtown" Bloomfield Township, or what developers plan on turning into another bustling downtown area in the suburbs, such as Birmingham and Royal Oak. Here, though, envision cobbled walkways, leading you to upscale restaurants that have an urban feel.The project was designed by the architects who created the Grove at Farmer's Market in Los Angeles and Chicago's Peninsula Hotel. In May 2007, 70-80 retailers and restaurants are expected to open.
The developers, the Harbor Cos., have developed more than $400 million worth of real estate in metro Detroit, including high-end Oakland County homes, office buildings and shopping centers in Bloomfield Hills, Ann Arbor and Roseville.But the luxurious living is what sells me on this latest Bloomfield Township deal. Two residential buildings, the Regency and the Contemporaine, will eventually offer 1,500 homes. The first phase, also to be completed in May 2007, will include 475 condos
The Regency will feature eight floors of condos that will overlook a plaza with a fountain and ice skating rink, and townhouses with lake views. The 153 units range from 1,100 to 2,220 square feet and are priced from $350,000 to more than $1 million. The 10 townhouses along wetlands are priced at $1 million and include three bedrooms and 3 1/2 baths. They range in size from 2,465 to 2,565 square feet.
The nine-story Contemporaine offers 84 lofts, some with fabulous lake views. The units, which range from 1,100 to 1,605 square feet, are priced from $350,000 to $900,000.
Each condo, townhouse and loft will include master suites with marble baths and walk-in closets, 10-foot ceilings, ceiling-to-floor windows, hardwood floors, kitchens with stainless steel appliances and granite countertops and reserved, covered parking.
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If that is not enough, read this – in the midst of “bad economy” that our media – newspapers, television and radio – so desparately want us to belive in :
Construction is scheduled to begin next spring. But since the information center's grand opening two weeks ago, the sales team has sold more than 25% of the condos, or $20 million worth of real estate. Five of the swanky townhouses also have been sold.
You can the entire Detroit Free Press Story today by Suzette Hackney here:
Please check back for further evidences of the “bad economy” in Michigan later in this blog. {Heavy Sarcasm Ends}
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