A downtown loft development is the first of its kind to grow out of the creation of Wyandotte's Neighborhood Enterprise Zone.
Gilbert Rose, the managing partner of Newton Investment Co. LLC, the loft project developer, says the enterprise zone's offer of discounted taxes on renovations and improvements was "quite the enticement to make this investment in the city." Pairing it with financial backing from the Wayne County Home Loan program sealed the deal.
The Lofts at Willow Tree project will cost at least $300,000, Rose says.
"The City of Wyandotte is eager to make this project and others like it happen so that more and more downtown places will be occupied by people," he says.
The four two-bedroom lofts will be rented, overlook downtown, and located at 3005 First St. Architect Tom Roberts will design the lofts and construction should begin by April and finish within four months, Rose says.
The Lofts at Willow Tree gets its name from the longtime Willow Tree women's clothing store, which is also owned by Rose. They will be built on the second floor of the building, above the clothing store, which faces Biddle, Wyandotte's main downtown drag. The apartments will also overlook Biddle but will be entered from First St. They are in the space formerly occupied by Barry & Co., a hair salon that moved to away to a first-floor, downtown location two years ago.
"We think lofts will be very attractive. We have great tenants now who love living in downtown Wyandotte," Rose says. "We put up a couple of signs for the Lofts at Willow Tree and we've had a ton of calls. We are very excited. We think after we do this, we'll see more and more of this."
Source: Gilbert Rose, managing partner Newton Investment Co. LLC
Writer: Kim North Shine
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