These new condos and urban townhomes are hitting the market in Detroit
In the market for new upscale and midtier housing in or around downtown Detroit, there is an increasing number of options this spring for those who are looking to buy and not just rent.
Several all-new condos and urban townhomes developments are underway and in various stages of construction. Some projects are mere weeks or months from opening, while others are further out yet already netting presales and buyer deposits.
While the market experienced a slowdown last year amid higher mortgage rates and recession worries among some buyers, brokers have been anticipating pent-up demand this spring and a rebound in sales — especially as the latest condos and townhomes become available.
"There definitely has been an uptick in traffic and activity in the condo world of downtown Detroit over the last month or so," said Realtor Hannah Hoppough of @Properties. “Obviously interest rates haven't been super helpful over the last six months, but it is picking up for sure."
More: Fewer houses on market this spring as owners reluctant to ditch cheap mortgages
More: 7 Detroit developments showing significant progress — or nearing completion
Here are a few of the new buildings and developments generating buzz. All of them offer Neighborhood Enterprise Zone (NEZ) tax reductions. They also have various monthly HOA fees.
The Exchange
This 16-story luxury high rise, known as The Exchange, 338 Gratiot in Greektown, is the first newly constructed residential high rise in Detroit in years. It was built through a novel top-down construction method and is now nearly finished and expected to open in July.
The top two floors have a dozen luxury condos that are selling at the highest-ever price per square foot of any condos in the city. Six are still available and prices start at $559,900 for the one-bedrooms and $1,489,900 for one of the three-bedroom penthouses that range from about 1,600 to 2,000 square feet. (The building's lower floors will have 153 for-rent apartments as well as a fitness center, club room and an outdoor rooftop deck.)
The 16th floor penthouses offer expansive views of downtown's skyscrapers and stadiums, and with the length of the units, also extend into Canada.
"This building offers views in every direction and some of the units have three-direction views," Hoppough said.
The condos include Wolf ranges and Sub-Zero refrigerators. One penthouse buyer has already chosen to forego a third bedroom for an expanded living room and dining area.
The Townes at Pullman Parc
The three-story townhomes in this development by Robertson Brothers Homes start at $499,755 for a 1,618-square-foot unit with two bedrooms and include a two-car attached garage and optional rooftop terrace.
The Townes at Pullman Parc is just outside downtown near the Dequindre Cut. The townhomes are of similar design to those built a few years ago at the former Tigers Stadium site in Corktown.
Of the planned 52 townhomes, 21 are now completed and three of them are available right now.
“It’s a nice little enclave being close to the city, but also in a quieter residential area," Michelle Byron, marketing director for Robertson Homes, said.
The buyers so far include employees of Rocket Mortgage, the automakers and Detroit hospitals, as well as a few individuals relocating from out of state.
The development is near the site of a former Quaker school, known as Friends School, and a long-ago location for the Pullman railcar company. An apartment building development, The Renato at Pullman Parc, has also been proposed for the site by Broder & Sachse. Richard Broder, the firm's chief executive, said that development is still planned.
Lafayette West
In Lafayette Park, 35 upscale condos are nearing completion as part of the first phase of the Lafayette West development, 1401 Rivard St. near I-375. Prices range from $229,000 for a one-bedroom up to about $643,000 for a large two-bedroom unit.
This initial phase of Lafayette West also has 102 for-rent apartments. The first residents are expected to move in in August. The development's second phase will include a club house and outdoor swimming pool for the entire development. Ultimately, more than 300 housing units could be built.
The development is on the site of a former eight-story, T-shaped tower known as Shapero Hall that dated to the 1950s and once housed Wayne State University's pharmacy program.
Pallister Gardens
Pallister Gardens is a townhomes development by Detroit-based FJP Investments that is under construction north of downtown near New Center and across from Henry Ford Hospital.
The three-level townhomes start at $365,000 for a two-bedroom unit with a first-level garage, kitchen and living space above and bedrooms on the top level.
The initial phase of the development has 16 townhomes and half have already sold, according to Todd Sykes, vice president of new development with Berkshire Hathaway.
The first four townhomes are weeks from being done and the remaining dozen will finish later this year and in early 2024.
“The concept was to do infill development and provide buyers with all of the amenities that they would expect in a neighborhood, but not have the maintenance concerns that come with single-family homes," Sykes said. "So it’s like maintenance-free living with single-family residential amenities: a private yard, private garage, no one living above you or below you.“
Most of the early buyers already live in Detroit and include empty-nesters, people affiliated with the hospital and even first-time homebuyers.
Brush Park options
The Brush Park neighborhood just outside downtown has seen a flurry of new upscale townhomes and condos in recent years.
The City Modern development by Bedrock and Hunter Pasteur Homes was the first to bring newly constructed $1 million-plus townhomes to the neighborhood, setting a model for other developers to follow.
The first units in the Brush 8 Townhomes, 3119 Brush St., by City Growth Partners are weeks away from completion and all but one of the eight have already sold. The townhomes have three floors plus a penthouse and feature floor-to-ceiling windows that allow lots of natural light.
The last available townhome is priced at $739,000 with two bedrooms, 2½ bathrooms and just over 1,900 square feet.
One long-awaited development that is slated to start vertical construction this summer is CODA Detroit. This upscale 10-unit development at 2827 John R will have eight condos and two townhomes, as well as a ground-floor restaurant and some commercial space.
Half of the units have reservations and deposits, said Michael VanOverbecke, the development's owner and codeveloper. Asking prices for the condos that are still available range from $625,000 to $1,285,000 and the townhomes start at $1,825,000.
“The minute we made the announcement, we had buyers lined up," VanOverbecke said. "I think people are looking for a unique and special product in the city and Brush Park is such an exciting neighborhood."
The development will also include a rebuild of an old brick carriage house from the 1890s. The original carriage house was at one point going to be incorporated into the development, but a leaking water line caused sinkholes and major damage to the structure's foundation and it was demolished.
"While it was disappointing that the carriage house was not able to be incorporated in the manner contemplated ... this change was based on unforeseen circumstances and not due to (any) negligence or bad faith acts of the developer," according to a January memo from the Detroit Brownfield Redevelopment Authority.
Construction is scheduled to begin in late June and last about 18 months, VanOverbecke said.
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on Twitter @jcreindl.
This article originally appeared on Detroit Free Press: These new condos and urban townhomes are hitting the market in Detroit
