Most developers these days run long on plans and short on financing. The people behind Windsong are claiming they have both.
A partnership between Excel Realty Group (Shaker Heights, Ohio) and Epic Development (Altamont Springs, Florida) is pushing for city of Ann Arbor approval to build the second phase of a townhome development on Stone School Road just north of Elsworth Road. Peter Jobson, president of Excel Realty, says they have the ever-elusive financing lined up and are ready to start working this summer.
"Ann Arbor is a strong market," Jacobson says. "It's probably the strongest market in Michigan. This product is not offered elsewhere in the marketplace so we're seeing a strong demand for it."
The development got its start as a for-sale version of the Oaks of Ann Arbor earlier this decade. The first phase (12 units) was built but it stalled when the housing market nose dived. Since then the developers have switched the project to rentals and have filled up the dozen townhouses. It plans to make the 32 other townhouses of the second phase rentals, too.
Each town home measures about 1,500 square feet with four bedrooms and attached garages. Each unit comes with walk-in closets, high-end appliances and designer finishes.
"They're town homes but they live like single-family attached homes," Jacobson says.
Rents are still being determined. Jacobson and his partners hope to begin construction in mid June and finish in early 2011.
Source: Peter Jacobson, president of Excel Realty Group
Writer: Jon Zemke
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