By: Deborah Johnson Wood
The developer of HighPoint Flats
in downtown Muskegon signed off this week on a contract to build a
condominium model featuring sixth-story views of Muskegon Lake. The
view from the model represents the view that some 70 percent of the
condominiums will have.
The project involves the rehabilitation
of the Hackley Bank Building, 285 West Western, an eight-story
structure constructed in 1916, and the construction of a new two-story
addition. Seventy condos ranging from studios to 2,300 square feet will
sell for $89,000 to more than $299,000.
“We have the longest Renaissance Zone
in Michigan and residents will pay no city taxes, no property taxes and
no 4.35 percent state income tax until 2023,” says Jon Rooks,
developer. “That was a big, big part of our decision to go ahead [with
the project] in today’s market. The Ren Zone helps us be more
competitive as people are more concerned with living expenses.”
Rooks estimates that on a purchase of a
$125,000 condo at 5 percent interest, a couple could save enough money
just on the income tax and city tax (1 percent) to cover about 60
percent of the interest.
The development includes 46 units in
the renovated bank and 24 new construction units in the addition.
Amenities include an eighth-story roof deck for all residents, a
fitness center, a clubhouse, and optional parking garages.
One unusual piece to the project is the
city of Muskegon’s approval for the entire building to be residential
with no retail component.
“We wanted to add customers more than
we wanted to add retail space,” Rooks says. “Except for Grand Rapids’
Medical Mile, there’s more activity here than in any West Michigan
city—new restaurants, the new Chamber building, Sidock’s new building,
Gary Post’s projects.
“This project already has 32
reservations because of that momentum, and 34 more people are
interested. We’re a tiny cog on the big wheel that will help Muskegon
reach its full potential.”
Rooks expects the condominium model to be ready by early summer.
Source: Jon Rooks, Parkland Properties
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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