The Fifth Royal Oak filling up, opens penthouse sales

Some people see the cup as half full and others see it half empty. John Hanna, co-developer of The Fifth Royal Oak, sees his building as 60 percent full.

Downtown Royal Oak‘s newest landmark, and one of its tallest buildings, has been steadily filling up with residents since construction largely wrapped up late last year. Although it is a mainly for-sale development, the developers have found a side market by renting some of the units out in the face of a harsh real-estate market, credit crunch and lousy economy.

Despite all of these outside detractors… err… influences, the 18-story development is still attracting quite a number of walk-ins for both buyers and renters. Hanna is encouraged enough to start selling some of the pricey penthouses (one has moved in) and he expects all 78 units to be occupied by the end of the year.

“We believe in downtown Royal Oak,” Hanna says. “There isn’t a better place anywhere else.”

The residential tower’s units are some of the most luxurious high-rise living spaces in Metro Detroit. They start at the seventh floor and continue to the 18th floor. All of the homes feature amenities, such as floor-to-ceiling windows with unobstructed views 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 in Royal Oak
Writer: Jon Zemke