| Rosewood Place Development |
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Rosewood Place is nestled in the heart of Lakewood on the corner of Rosewood and Detroit.
It integrates the conveniences of commerce and recreation with an upscale living experience. Shops and eateries are just a stroll away, and the luxury of city living is right at your fingertips.
Rosewood Place gives urban living a sense of community, with shops, offices, restaurants, and nearby parks and recreational activities as your very best neighbors. |
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Located above the Shops at Rosewood, the second and third floors are home to eleven 2-bedroom residences.
These beautiful new city homes offer a two-level floor plan, a floating staircase, a gourmet quality eat-in kitchen and a private terrace. The large full-length windows open the space even further, inviting in the outdoors and scenery of the city to encourage carefree, open living.
Entertain at home or head down the street to the local hotspot, but with your world right outside the door and the comfort of Rosewood Place inside, the choice of life is yours. |
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Project
Description
The former car dealership located at 15725 Detroit Avenue currently rests
on one of the most underutilized parcels in the City of Lakewood. North
Coast Capital Partners LLC plans to construct a new, three story, 20,000
sq. feet mixed use structure with an elevator. The development will include
approximately 5800 square feet of retail space on the ground floor and
11 townhouses on the second and third floors. As part of the redevelopment
plan, the developer plans to provide 33 new parking spots. Overall, the
proposed development provides yet another style of housing to Lakewood's
diverse stock in an appropriate, neo-urban manner. |
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| PROJECT SUMMARY |
| Project
Facts |
| Developer: |
North Coast Capital Partners LLC
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| Use: |
Mixed-Use Residential and Commercial-
see attached site plan |
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Residential - 11 New For-Sale Units |
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Retail - Approximately 5800 square feet
of retail space in the ground floor of a new live-work buildings |
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Covered structured parking to serve live-work
units |
| Value: |
Current Estimated Market Value - $266,700 |
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Projected Estimated Value upon completion
- $3 Million |
| Project Site: |
15725 Detroit Avenue on the southeast
corner of Rosewood and Detroit Avenues and a duplex located at 1413-1415
Rosewood Avenue |
| Size: |
Approximately .5 acres |
| Timeline: |
Project should be completed by Fall, 2007. |
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| Project
Financials |
| Public Financing: |
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Approximately 7% of completed project
value |
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Proposed EDF Loan for $200,000
forgivable over five years as long as project meets job creation goals. |
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Proposed 5-year Residential
Tax Abatement |
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100% for years One and Two |
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50% for years Three, Four
and Five |
| Private Financing: |
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Approximately 93% of completed project
value |
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Developer secures private financing for
remainder of project, which will have an estimated market value after
the completion of approximately $2.7 million. |
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