Two New Multi-Family Loft And Condo Developments In The Works In Rochester Hills

Two New Multi-Family Loft And Condo Developments In The Works In Rochester Hills


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A pair of new multi-family housing developments is currently in the works in Rochester Barrington ParkHills by Aragona Properties and Pulte Group, respectively. Aragona Properties, a business based in Clinton Township, is planning a high-end 52 to 60-unit loft development. The Pulte Group, meanwhile—a noted Detroit real estate firm since 1950—will be constructing a new development of 148 single-family attached condominiums. Work on both developments is expected to be completed by the end of 2016.

The Pulte Group has already had their development project, called Barrington Park, approved by the Rochester Hills City Council. The firm hopes that Barrington Park will draw interest “from young families and Millennial buyers” in the area, thanks in part to the development’s high-demand location. Situated near the intersection of Auburn Road and Rochester Road, Barrington Park will be located in close proximity to the Hampton Village Centre shopping mall, as well as to a range of other shopping attractions, restaurants, movie theaters, and similar amenities.

The Pulte Group is hoping for young buyers with the Barrington Park development, according to a recent report from Crains Detroit. A Pulte Group corporate communications representative told Crains that Barrington will be “one of the few opportunities for buyers to purchase new construction for less than $300,000” in the valued real estate market of Rochester Hills. Prices will reportedly start at $250,000 and scale upward for larger condos with more features and amenities.

Aragona Properties, meanwhile, is shooting for renters with its new Rochester development. Called the City Apartments, Aragona’s latest project will be a four-story building encompassing as many as 60 loft-style apartments.

Unlike the Pulte Group, who set out to create a multi-family development from the get-go with Barrington Park, Aragona Properties did not initially plan on investing much time, money, or attention in residential housing. Instead, the company has been primarily focused on commercial real estate as of late. They currently own a successful commercial building at the intersection of Rochester and Tienken, and many of the businesses that rent space there are a part of the reason that this part of Rochester Hills is booming for residential real estate. Tenants at the commercial center—dubbed City Walk by Aragona—include Big Boy, Walgreens, Bar Louie, Comerica Bank, Golf Etc., Orange Leaf, Sherwin Williams, and The Urban Dog.

When a second-floor space went un-leased at City Walk, Aragona decided to do a little experiment with residential real estate. They converted the office space into the City Lofts: six stylish, modern apartments in a highly convenient location. The rent at the City Lofts cost $1,499 (for a one bedroom apartment) or $1,900 (for a two bedroom) per month. Now, Aragona is looking to build many more lofts of the same style in the same general area. In other words, it sounds like the City Lofts experiment was successful, and that there is plenty of interest in Rochester Hills for residential options in that style.

What do you think? Are these the kinds of developments that you like to see in Rochester Hills, or would you rather see something other than more apartment buildings and condos? Share your thoughts in the comments section!

Source:
http://www.crainsdetroit.com/article/20150628/NEWS/306289989/lofts-condos-planned-in-separate-multifamily-developments-in

http://aragonaproperties.com/retail/rochester/

http://www.pultegroupinc.com/about-us/pultegroup-history/default.aspx

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