One downtown Mt. Clemens' development closes out its first phase while a second gets ready to wrap up.
The New Street Lofts are now fully leased as developer Ted Schollenberger works on plans for Pine Street Place Lofts. Units in both developments will be available for sale but Schollenberger, also chair of the Mt Clemens Downtown Development Authority, expects both to be rentals until the housing market recovers from recent losses.
"Everybody rented (at New Street Lofts), which is sort of a sign of the times I guess," Schollenberger says.
The New Street Lofts are the latest reincarnation for the old Gilbert Baptist Church, built in 1908 just west of Main Street. Over the years it became a warehouse and then the studio for Michael Robinson Photography. A fire damaged it in 1979 but the 6,400-square-foot building persevered.
New Street's condo units encompass the normal loft principals of exposed utility lines and other raw building features, open floor plans with few walls and large windows. The units also have balconies and range in size from 700 to 1,100 square feet. The rents fall between $800 and $1,200 per month.
Schollenberger plans to break ground on Pine Street Place Lofts, a half block away from the New Street Lofts, next spring. How much the market has recovered by then will determine whether the project has 16 or 32 units. It will have ground floor retail space, two levels of parking above that and then lofts on the fourth through seventh floors.
"I will condominium-ize it, but not right now," Schollenberger says.
Source: Ted Schollenberger, developer of the New Street Lofts and Pine Street Place Lofts
Writer: Jon Zemke
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