Development News

The Fifth Royal Oak nearly full, senses uptick in Royal Oak housing market

Thursday, June 26, 2008

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Royal Oak

Newspaper headlines describe falling home prices and a depression in the housing industry. John Hanna, co-developer of The Fifth Royal Oak, doesn't quite see it that way.

"It looks like the market, at least in Royal Oak, seems to be on a little bit of an upswing," Hanna says. "I am hoping we have found the bottom and are heading up."

He adds that showings for the residential and commercial spaces of his 18-story high-rise have increased in recent weeks. Hanna also points out that more than 80 percent of his building is spoken for and expects the final spots to be taken by the Fourth of July.

The Fifth is one of the swankiest developments in downtown Royal Oak. The newest landmark is also one of the city's tallest buildings originally marketed as for-sale condos above ground floor retail space.

The slow sales market prompted Hanna to lease some of the building's 78 units, which have turned out to be a popular product in the inner-ring suburb's central core. A number of out-of-town people and businesses have come into the sleek, modernist building, including some people involved in recent movie shoots.

The residential tower's units are some of the most luxurious high-rise living spaces in Metro Detroit with views that sweep across southeast Michigan. They start at the seventh floor and continue to the 18th floor. All of the homes feature amenities, such as floor-to-ceiling windows and inset balconies. The condos vary between one, two and three rooms and are priced between $278,900 to more than $1 million for penthouses.

The second through sixth floors are dedicated to parking. Each unit comes with a heated, indoor parking space. The ground floor features a grand lobby for the condos and 4,300 square feet of retail space (still available) facing Washington that has deed restriction against restaurants and bars.

The project is being spearheaded by Michigan developer John and Jack Hanna of Chrysos Development & Management Co. For information, call (248) 591-5432.

Source: John Hanna, co-developer of The Fifth Royal Oak
Writer: Jon Zemke

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