Competition and cost for apartments in downtown Detroit have risen so sharply in recent years, even the luxury apartment market has become cost prohibitive for some.
Triton Properties, the Denver-based developer which entered the Detroit market in 2009, is betting that their Waters Edge at Harbortown luxury apartment development will absorb some of that overflow.
It's a new kind of project for Triton, which has focused on redeveloping older buildings rather than developing new ones. They also say that their five-story, 134-unit Waters Edge is the first development of its kind on the Detroit riverfront in over 25 years.
"We had this great piece of land in the well-established community of Harbortown and we decided to take the risk and see how it's received," says April Sedillos, executive vice president at Triton. "There's a strong need for housing in the surrounding areas of downtown."
Waters Edge is part of Harbortown, a gated community on the Detroit riverfront. Residents have full access to the exclusive marina, tennis courts, and man-made lakes on its 35-acre grounds. There's also a private entrance to the RiverWalk. The luxury apartments start at $1,328 per month and include one-, two-, and three-bedroom floor plans.
Pre-leasing for the units began in the fourth quarter of 2015 and the first residents moved in January 2016. 40 percent of the units are currently occupied, says Sedillos, and the company is ramping up leasing and expects to reach full occupancy by the end of the summer. A community building with a fitness center, lounge area, and outdoor pool is currently under construction.
Sedillos says that 90 percent of the units have a view of the Detroit River, and every unit in the building has its own private balcony in addition to modern appliances and amenities.
Besides its Denver properties, Triton is responsible for seven residential buildings in Detroit, including Alden Towers, Spinnaker Tower, and the Kean Residences, totaling nearly 1,000 residential units locally.
Waters Edge at Harbortown
is located at 3500 E. Jefferson Ave. in Detroit.
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