Studio One Apartments signed nine leases its first day of leasing and its retail space is already 55 percent full, officials say.
The leasing office, located at the northeast corner of Cass and Canfield in Midtown, opened at 4 p.m. Nov. 15, and prospective tenants began lining up immediately.
Marcel Burgler, principal of Grand Rapids-based
Prime Development, says the response was "absolutely fabulous."
"This confirmed that there is strong demand for higher-end, high quality apartments," he says.
The 124 apartments range in size from 650 to 1,000 square feet and in price from $870 to $1,395 per month. Features include at least one balcony per unit, floor-to-ceiling windows and individual heating and cooling systems for each unit with a tankless on-demand water heater. Residents can expect to occupy their apartments on June 1.
Construction is progressing according to schedule. Site work, which includes pouring the foundation walls and erecting the first floor of steel, is complete. The 400 pre-cast concrete panels that will constitute the bulk of the five-story building's exterior walls are being constructed off-site in a Detroit factory. Because of this modular method, Burgler says the building will go up very quickly.
The building includes almost 30,000 square feet of retail space on its ground floor. 9,600 square feet of that space is leased by Fifth-Third Bank and another 6,700 is reserved, although lease negotiations continue.
Studio One is part of the
$36 million South University Village development that also includes a
WSU-developed parking structure with ground-floor retail. Burgler estimates retailers will open Aug. 1.
The leasing center is open 10 a.m. to 5 p.m. Monday through Friday, and by appointment on Saturday
and Sunday. Leasing manager Billie Mason-Smith can be reached at
313-316-0824 or at
[email protected].
Source: Marcel Burgler, Prime Development
Writer: Kelli B. Kavanaugh
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