Date: 11/13/2005

Motor City Gold Rush

The early demand for new condos and apartments was so high it shocked developers, they say. The Hubbell Group surprised many onlookers and neighborhood residents in 1999 when they turned a former warehouse near Wayne State into modern lofts for sale starting at $170,000. The 35 lofts sold out in nine months.

“I have a suburban condo development. If we have eight people coming through in a weekend, we’re happy. Downtown, we’ll have 30 to 40 during the same time. And suburban projects you have to spend thousands on marketing and advertising,” says J.C. Cataldo of the Hubbell Group. “The Downtown market has turned the corner. Not only is there interest, but there are buyers. “When we did the Canfield lofts, the first day we opened the doors 200 people showed up to look at floor plans. We looked at each other and said, ‘Holy cow,’” Cataldo says. He had to hire extra staff because thousands of people were looking at the units. “Up to then, I had every naysayer saying, ‘You’re nuts. Nobody wants to live Downtown.’ That was untrue. The reason people didn’t live Downtown is because there weren’t any options.” He says there are still areas, like the Wayne State neighborhoods, that have pent-up demand. There are few housing options around the school “that a parent would consider putting their children into,” he says. “There’s a lot of opportunity there.” For the Hubbell Group’s next project, 30 lofts at 55 W. Canfield, the first 10 units sold in 20 days, Cataldo says. Source: Model D

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