Plans for $50 million luxury apartment building, “The Bond”, moving forward in Novi
The development agreement for a $50 million luxury apartment building being proposed in Novi has been approved.
Recently, Novi City Council unanimously approved that agreement, which outlines the long-planned development called “The Bond.” The development will include two, four-story apartment buildings in addition to a single story commercial building, a two-story parking structure and other upscale amenities.
The development will be constructed in three phases along Flint Street, which will soon be renamed Bond Street. That will happen once the road is widened and paved following a city project aimed at improving traffic flow at the Novi Road and Grand River Avenue intersection as part of its five-year, $228 million capital improvement program.
Albert Ludwig, a member of Farmington Hills-based Tricap Holdings, said the development is being proposed in partnership with Tricap Holdings and Lansing-based DTN Management Company. He said Novi was chosen for the development because the city has “everything good” including growth, income, and great schools.
“(What differentiates this development from others in the area) is that most apartment complexes are walk-up units,” said Ludwig. “This is basically an urban product in a suburban market. These are four-story elevator buildings with a parking structure. This is something you would find in a downtown area. We’re creating a downtown type of building.”
Apartments with one, two, and three bedrooms will rent for about $2 to $3 per square foot. The 255 units will range from 620-square-feet to 1,300-square-feet.
“We’re putting in a tremendous amount of amenities for these units,” said Ludwig. “Those include four enclosed courtyards with passive or active activity areas, a pool, clubhouse, conference rooms and work centers, and a full service exercise facility.”
To this point, Ludwig said city officials have “loved” the development proposal. If the approval process continues to move forward as expected, construction could begin this fall.
“If that doesn’t work out we’ll start in the spring,” said Ludwig. “We estimate the project will take about 16 months to complete once we get going. The next steps for us are to complete our architectural drawings and then we can finalize our pricing and get ready for permits.”
City council approved the development’s proposed site plans in July 2018.
Posted By: Oakland Press on April 25, 2019. For more information, please click here to read the source article.
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