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 LOFTS ARE SEXY!
[article from Commercial Real Estate - Lansing Edition - Feb
2004
Imagine this: Hot red painted walls with cherry
cabinets. Maple floors against exposed brick walls. Vaulted rafter
ceilings with unique hanging lights and exposed heating and cooling
systems. Stainless steel appliances, magnificent windows and skylights,
patio decks and Jacuzzis with round glass showers six feet high and
many other amenities such as your own washer and dryer. You visit a
loft. You want one. Cool, sexy and very appealing to singles, couples,
and working professionals without kids. Lofts are also popular with
graduate students.
Stockwell Development has been paving the way and breaking the barriers
of a unique market for downtown Lansing. Stockwell has just completed
17 new housing units, and the demand continues with 10 new luxury,
two-bedroom units planned ranging from 1,000–1,800 square feet—with all
the amenities you would want.
To do more of these we need to tell the appraisers they rent and
convince the bankers that there is a market. Sure, at one time these
were “out of the box properties,” but not so much any more. Communities
are coming back to recycle buildings to prevent sprawl. The climate is
positive. “The historic element is enticing; mixing commercial
restaurants, beauty salons, peanut shops and stores such as the Great
Harvest with housing above is a natural,” says Ken Stockwell, president
of Stockwell Real Estate Group. Stockwell is also planning such
developments in other areas of Michigan, mainly resort areas in
northern Michigan, and in Florida. A key part is Mark Nanniga, of
Stockwell Real Estate Group. He is building lofts and making it happen.
Nanniga says, “Keeping costs at bay is important. Each property is
unique and has its own set of obstacles.” Stockwell Real Estate
Management also has its hands full. Sandy Bofaris states, “This is a
new territory with a whole new set of management situations. There is
no handbook written for the circumstances that can develop. This market
is exciting though. Many of our units were pre-leased and the interest
continues to be strong.”
If you are nearby, come see a loft…or better yet, live there and see
the fun. Watch the Lansing Lugnuts fireworks at night in a Jacuzzi. You
will love it.
Kenneth B. Stockwell, CCIM, SIOR, is president of Stockwell Real Estate
Group, Inc., a commercial real estate brokerage, management and
development company.
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