[LMich]

Michi is going to be so happy about this. :D

http://www.turnerconstruction.com/michigan/files_michigan/monarch.jpg

Developer scraps plan for Troy high-rise condos

Joe Menard / The Detroit News

December 08, 2006

TROY -- A developer has pulled the plug on the city's first high-rise residential development after failing to line up enough tenants for the luxury condominiums.

The Monarch developers Joseph Freed & Associates and Whitehall Real Estate Interests announced this evening that they were closing the development's sales center indefinitely and reconsidering their plans for a pair of 18- and 10-story towers joined by a three-story retail center. They said the struggling Michigan economy and sluggish housing market were major contributors to their decision.

"The buyers' market at this time is made up mostly of first-time buyers, relocations and million-plus buyers," Jennifer Roth, vice president of development for Joseph Freed, said in a release Friday. "And while The Monarch provides a unique lifestyle opportunity to the suburban Detroit market for discretionary buyers, even those buyers have been impacted by the current economic climate."

The $100 million project was to feature 165 condominium units and 11,620- square-feet of retail space nestled just east of the Somerset Collection on Big Beaver, and cater to business executives, professional athletes and other luxury customers. Most of the residential units were expected to fetch from $400,000 to $800,000 each, with some topping $2 million.

You can reach Joe Menard at (248) 647-7429 or jmenard@detnews.com.

http://detnews.com/apps/pbcs.dll/article?AID=/20061208/UPDATE/612080464

[Hayward]

I actually love the design, but I wonder if this would work somewhere near downtown Detroit, except marketed at a lower cost.

[mind field]

I actually love the design, but I wonder if this would work somewhere near downtown Detroit, except marketed at a lower cost.


Of course!! Build this on the Monroe block downtown and watch as interest in it peaks! The design is decent. It is funny how Troy proclaims itself (or the Troy boosters I should say) to be the new downtown Southeast Michigan and can't get a short condo tower off the ground. It would be interesting to find out other economic indicators from the ultraburb Troy....how are sales at Somerset? What are the latest office vacancy figures? and how are the restaurants doing? Could it be that Michigan's most powerful suburb, with it's once burgeoning economy and affluence is starting to decline?

[LMich]

Metro Detroit has been coasting, economically, for some time, now, and that includes the upper-scale suburbs.

A post made earlier this year on the Troy Chamber of Commerce Forum concerning office vacancy:

"Troy has 3 office markets that are very different in vacancy and rental rates. The northend of Troy, which is north of Big Beaver, currently has a 12-14% vacancy and the rental rate is $22 to $26 per sq ft on a gross lease basis. The middle part of the market is from Big Beaver to Kirts and is mainly a high rise market. That area has a 20 to 24 % vacancy rate and is currently getting $18-$22 per sf on a gross lease basis. The southern market (south of Kirts) is not very big sq. ft. wise but has the highest vacancy at 25% and the rates are $12-$16 per sf on a gross lease basis. The Maple Rd corridor (which is in the southern area) is currently under review by the Troy Chamber and the Planning Commission and maybe a sleeper for users that are patient."

[skyfan]

I guess the developer forgot the first rule of real estate location, location, location. Who is going to pay those prices for views of a mall and office parks? If they had put it on E. Jefferson this would've had little problem selling. They even had the nerve to us a pic of downtown Detroit on their website under the heading of sophistication. Next time they should try building it in a real city.
ttp://www.monarchliving.com/

[Hayward]

I don't know. Although I would hate to live somewhere along Big Beaver, I'm positive that there are people that would. There's already a ton of apartments nearby that have good occupancy, and those people could have easily moved to more interesting places.

But despite economic conditions, I do think something like this would be succesful in the CofD That thing compressed on the Monroe block would make a pretty nice sized tower. Not to mention 3 levels of retail near campus Martius would really be nice.

[LMich]

You actually meant that exact development at C-Mart? I think it looks really cheap. The Monroe Block needs something to fill the corner like Campus Martius does. I mean, I can't see that thing on anywhere but the edges of downtown. Much better can be done for the Monroe Block. Downtown needs to keep its solid street walls in the C-Mart area. I'd hate to see a Millender Center type development on any of the remaining blocks.

[BnaBreaker]

I don't understand why anyone would want to live in a high-rise in a neighborhood like that.

[Hayward]

You actually meant that exact development at C-Mart? I think it looks really cheap. The Monroe Block needs something to fill the corner like Campus Martius does. I mean, I can't see that thing on anywhere but the edges of downtown. Much better can be done for the Monroe Block. Downtown needs to keep its solid street walls in the C-Mart area. I'd hate to see a Millender Center type development on any of the remaining blocks.


Oy...

I'm not saying this exact development, or even necessarily the architecture of it end up on the Monroe block. But the idea of 3 levels of retail, obscured parking, and a tower would be nice.

[CGII]

Some good architecture, shame it fell through. I agree with wolverine, this'd look great in a more urban setting of Detroit, just drop the prices a little.

I guess I won't be doing more diagrams of them...

[liat91]

Does this imply that the Big Beaver corridor development is dead as well? I know Troy has been wanting to make this area a true "downtown" with urban ambiance.

[illmatic774]

It was just wishful thinking on their part (Downtown SE Michigan). I never really took them serious, not even for a second.

[the pope]

build down the road four miles (royal oak) and you probably would have better sales.

[Blitz]

I don't understand why anyone would want to live in a high-rise in a neighborhood like that.

That's a difference I've noticed between Canadian and US cities. Over here, there are lots of highrise residential buildings scattered throughout suburban neighbourhoods. I live in one in London and right across the street from me is a Costco and a farm field, lol.

[LMich]

Does this imply that the Big Beaver corridor development is dead as well? I know Troy has been wanting to make this area a true "downtown" with urban ambiance.

Big Beaver is far from dead, and it's also far from having a signficant decline. It's also far from ever being a "downtown," and it's best days are far behind it.

[the pope]

That's a difference I've noticed between Canadian and US cities. Over here, there are lots of highrise residential buildings scattered throughout suburban neighbourhoods. I live in one in London and right across the street from me is a Costco and a farm field, lol.

ha, i know where you live. Anyway, american's are afraid of density.

[Blitz]

^ I'm only living here for 12 more days then it's off to Manitoba!

[BnaBreaker]

ha, i know where you live. Anyway, american's are afraid of density.

I'm not afraid of density whatsoever. What i'm saying though is that I don't understand why anyone would choose to live in a highrise if it was surrounded by sprawl in which they was no built environment where they could walk anywhere, and they still had to drag their car out to get anywhere.

Aside from the fact that a condo tower requires less land be bulldozed as would a sub-division with the same amount of units, and potential infrastructure benefits, I don't see what is so wonderful about these towers in the middle of asphalt developments. That's just me though. I certainly prefer them to sub-divisions, but these kinds of developments are just about the worst possible representation of "urban" development there is in my mind.

[Blitz]

I'm not afraid of density whatsoever. What i'm saying though is that I don't understand why anyone would choose to live in a highrise if it was surrounded by sprawl in which they was no built environment where they could walk anywhere, and they still had to drag their car out to get anywhere.

Because it's affordable? I don't think they're "wonderful" either but it's better than living in a crappy house with a bunch of other poor students. My highrise is mostly students and seniors and although its located in the middle of sprawl, we don't need to drag the car out to go anywhere. It's on a major bus route and several grocery stores, shopping plazas, and fast-food places are easily walkable.

[LMich]

I'm pretty sure he's talking about here in the U.S. where most any residential towers being built in the suburbs are more expensive than finding a place in a subdivision.

[BnaBreaker]

I'm pretty sure he's talking about here in the U.S. where most any residential towers being built in the suburbs are more expensive than finding a place in a subdivision.

I am indeed.