A Michigan real-estate development company, Moceri Cos., will start work on a $46 million residential development in Auburn Hills during the spring of 2014. The project is expected to include 76 townhomes, 72 flats, a 160-unit center for housing for the elderly and a 2-acre public park. The homes are anticipated to be worth about $75 million upon completion. The construction is scheduled to be done in five phases so that the development will be finished by 2017, and no zoning issues are anticipated.
Another company first bought The Parkways acres of property over a decade ago and began building an 832-unit condominium complex on the land. However, the economic downturn across the nation stopped the project after just over 200 units were sold. The vacant land eventually went into tax foreclosure. The city director of community development reflected on the economic conditions across the nation at the time stating that sales were going well until the recession hit, which especially affected the development. The land was returned to the city, and Moceri bought it in June 2012.
The development will also boast electric vehicle charging stations and garages that are pre-wired for the updated transportation. The director added that planning for electric vehicles is easy and will attract buyers who are environmentally conscious.
Primary owners and investors will be looking at the new residential development with its different types of housing. They will be involved in real estate transactions, contracts for the homes and purchases and sales. A real estate attorney might be able to work with clients in order to resolve any issues related to legal paperwork to ensure that documents and contracts are properly completed.
Source: Crain’s Detroit Business, “Moceri to build townhomes, senior housing in $46 million Parkways project in Auburn Hills“, Kirk Pinho, September 10, 2013
