Mr. Chirco showed the first PUD again, and said that the buildings |
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took up literally most of the buildable space on the property. Virtually |
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all of the trees would need to come down in order to put in the |
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buildings and decks. There would not be much room after grading to |
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maintain any of the trees on the site. They wanted to keep the site |
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as natural as possible. The trees would also create a nice buffer |
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from the industrial to the north. He mentioned that the buildings they |
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were proposing could be viewed adjacent to the Oynx Ice Rink in |
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Rochester, which they built in 2003. They were 12-plex buildings |
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also, and they had built and sold over 1,500 units in the past 15 |
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years. It was great condo for empty nesters and single moms and |
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dads. It had a one-car garage, and 1,300 to 1,500 square feet. It |
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was all inclusive and sold very well. They started building the units in |
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1985 in Clinton Township, and they presently lease about 600 of |
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them. They were originally designed as apartments, and they started |
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selling them as condos, and they became very popular. Over the |
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past five years, the economy took a dive and financing dried up for |
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that type of unit. It was still somewhat difficult, because banks did |
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not want to lend in condo projects that did not have a certain |
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percentage occupied. He noted that one of the reasons they pursued |
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the subject parcel was because it is in Rochester Hills, which is a |
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very desirable place to be. Secondly, they had a 286-unit condo |
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project started on Dequindre and Hamlin, Ashford Crossing, for which |
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they had sold about 85 units. Due to the fact that sales dried so |
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much, they chose to start renting the units. They found a great |
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demand for renters there, and they were in the process of finishing |
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the project as an apartment complex. That project was about 2 ½ |
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miles away from the proposed project. The other project had one-car |
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garages, two bedrooms and two bathrooms that rented for about |
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$1,150.00. The project they were proposing was even more upscale |
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with two-car garages, which was rarer. They felt that there was |
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enough demand to support the project. They felt that they were |
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proposing a very positive transitional use. It was quite possible that |
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some day, when things turned around, they could sell the units. |
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