Printable View
I tried accessing the Watermark website over the past couple days, and it doesn't appear to be online. Does anyone know what the status of this project is? Is it still undergoing development or has it been axed?
Over a million dollars for the Detroit Riverfront sounded like a stretch, but I hope that this doesn't end up like another Cadillac Centre project.
Oh, I'm certain with the economy the way it is... This project is still a go....
The status quo says that riverfront property has to be expensive. This is based on the fact that people who can afford to live on the riverfront are willing to pay high rents for the view and access to the water. However, this is Detroit. Why, when there are few examples of riverfront living in Detroit, do developments that do come along think that they can charge the same rents as those in NYC, Miami, or Chicago?
Let's start with high rise condos or apartments that have reasonable rents. Instead of offering million dollar penthouse condos, how abount half of that or a third of that. Then, once you get folks in that development and it has high occupancy, build the next development charging slightly higher rents. Now, if that one is successful, build the next development and charge an even higher rent.
I believe Watermark and @water developments were given to the developers for $1. You mean to tell me that a development for residential living could not be created/drafted that the banks could approve funding for?
Tell me that you're building residential condos on the river and I can buy one for $200,000 and I'm there. That's not chump change, but it's a workable rent or mortgage.