The Ashton Detroit Luxury Condos Development

[401don]

I don't get the negativity about this project.

The developer has a financial backer and they own the land. Unless the economy went to shit [[totally possible, but doesn't look likely in the near term), there's no reason why this won't happen.

I certainly hope it's successful and they've done their mkt. research, but for a city that's seen no new condo construction in years, I just think they are being very optimistic trying to go in at such a high price point in this location with such a short structure.

[313WX]

I certainly hope it's successful and they've done their mkt. research, but for a city that's seen no new condo construction in years, I just think they are being very optimistic trying to go in at such a high price point in this location with such a short structure.

Everyone has to start somewhere.

Isn't there constantly discussion about this so-called shortage of desirable housing in the downtown area? This project would certainly be a start towards tackling it.

[SammyS]

Everyone has to start somewhere.

Isn't there constantly discussion about this so-called shortage of desirable housing in the downtown area? This project would certainly be a start towards tackling it.

Based on how successful riverfronts and lakefronts tend to be in other downtowns, I think it's a good bet for Detroit looking forward. New construction is going for about $300/sqft putting some of these places at >$500k. HOA's will likely average in excess of $600/month given the security, elevators, gym etc. 15 year NEZ? Who knows?

Anyway, all good. Can't wait to see it rise.

[stinkytofu]

Based on how successful riverfronts and lakefronts tend to be in other downtowns, I think it's a good bet for Detroit looking forward. New construction is going for about $300/sqft putting some of these places at >$500k. HOA's will likely average in excess of $600/month given the security, elevators, gym etc. 15 year NEZ? Who knows?

Anyway, all good. Can't wait to see it rise.

Highly doubt NEZ's will be used in downtown, midtown, etc. going forward. If they are used - which is questionable - they'd likely be used for struggling neighborhoods.

The NEZ issue is about to become huge though as all the ones issued in the early 2000s expire in next couple years.

[hybridy]

delivery was initially slated this year - now pushed to 2019. has this one even broken ground? is it dead

A whole new experience in luxury condo living at Ashton Detroit. Breaking ground in 2017, look for the Ashton Detroit at 659 Howard Street, just a short walk to the waterfront.

http://ashtondetroit.com/

listings are still active:
https://www.realtor.com/realestatean...6_M40187-86642

[southen]

I would bet money on it never happening.

[NSortzi]

I left a comment on their Facebook page asking for updates and never got a reply months ago. Somebody else commented months before me asking the same thing and also never got a reply. If this isn't dead I'd be surprised.

[Danny]

If the developers have people interested of the project, then the building begins. If not it was doomed to fail. If I was the investor of the this project. They have a deadline by contract to complete or no extra money!!!

[K-slice]

IMO it's a pretty bad sign if the downtown market can't even support a small scale condo development like this. We're at the peak of an economic cycle so it's now or 10 years from now for projects like this.

[hybridy]

IMO it's a pretty bad sign if the downtown market can't even support a small scale condo development like this. We're at the peak of an economic cycle so it's now or 10 years from now for projects like this.

i would presume that city modern took the pool of buyers. there's only so many ppl willing to shell out half a million for a 1500SF 2 bed condo - no matter the amenities.

[Worldsgreatest]

IMO it's a pretty bad sign if the downtown market can't even support a small scale condo development like this. We're at the peak of an economic cycle so it's now or 10 years from now for projects like this.

Demand in for downtown housing is through the roof so I'm not convinced this is the main reason for the stalling of this project.

Major luxury type housing has just opened up with the stott renovation though.

[Dexlin]

The problem with the project is that they have a young suburban guy who has never marketed anything of this size trying to market a condo high-rise. The developer has also never done anything of this size.

To be sure, if someone like Gilbert was developing this, it would have had shovels in the ground by now. It's not a lack of a market; it's the lack of a big figure who knows how to market and develop a high-rise condo building in a downtown area.