He sees nothing risky about
the venture, which has a total
retail value that will exceed $75
million;' Mr. Glieberman said he
wouldn't rush into anything so
monumental without confidence
in Detroit's rebound.
"I think Detroit now has a dif-
ferent image. I think it's got a
mayor who really has priorities
in bringing people back to De-
troit and providing housing for
people who live there," he said.
"We've lost 1 million people in
Detroit - half the city has left
- and it's my thinking you can
get at least 20 percent of those
people back."
Besides, he continued, "we as
builders cannot create housing
demand; we can only fill it. It's
up to the community to create
the environment to cause people
to want to live in it. If the envi-
ronment isn't there, you'll nev-
er be able to sell housing."
Woodward Place at Brush
Park will be located near the Fox
Theatre and perhaps near a new
Tiger Stadium. Traffic in the
area shouldn't be an irritant for
future homeowners, he said.
"We're learning a lot about
people who tend to live an urban
lifestyle. They like action and
they like activity," Mr. Glieber-
man said. "I think it's a positive,
not a negative, to have a stadi-
um. And people leaving won't
cut through the site because it's
on the other side of the express-
way."
Mr. Glieberman said young
professionals and commuters
will make up the bulk of Wood-
ward Place's occupants.
Because the 31-acre parcel is
in an enterprise zone, a tax
break was built into the deal.
Mr. Glieberman said property
taxes will be sliced in half for 10
years, to between $1,200 and
$1,500 annually. Beyond the tax
incentive, the development is
"purely a conventional finance
deal," he said. Crosswinds paid
market price for the property, or
about $140,000 per acre.
Crosswinds Communities has
been successful with the Main
Street townhouse development
in downtown Royal Oak, anoth-
er urban enclave that is afford-
able as well as attractive. Mr.
Glieberman said buyers are sell-
ing their units for approximate-
ly $20,000 more than they paid
for them just a few years ago.
The townhouses, at the corner
of Main Street and 1-696, start
at $84,000.
"We believe in building homes
and trying to stay below market
so our owners pick up equity,"
he said. "Our philosophy is to al-
low people to make money on
their housing. It assures us a re-
cession-proof business."
Crosswinds is also developing
Villages at Country Creek in
Oakland Township, University
Estates in Waterford and Mary-
land Club in Royal Oak. ❑
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
Symbol
Name
Exchange
Sept. 22 Sept. 29
SCIXF
Scitex
NASDAQ
'19.00
5
18.88
-'0.13
ECI LF
ECI Telecom
NASDAQ
'21.38
5
22.38
+51.00
TEVIY
Teva Pharm
NASDAQ
'38.88
5
36.13
-'2.75
I EC
PEC Israel
NYSE
'24.13
5
25.00
+$0.88
ELBTF
Elbit Computers
NASDAQ
'21.94
5
21.25
-50.69
ELT
Elscint LTD
NYSE
'2.75
2.63
-'0.13
ELRNF
Elron Electronics NASDAQ
$11.00
'11.63
+$0.63
TAD
Tadiran
NYSE
'22.63
5
22.25
-50.38
CMVT
Comverse
NASDAQ
'22.25
5
21.75
-'0.50
LANTF
Lannet Data
NASDAQ
'25.94
5
26.13
-00.18
ISL
First Israel Fund NYSE
'11.50
5
12.00
-00.50
5
Change
SmartLease*
SmartLease Plus*
$11,976 „
DeVille
24 months
24,000 Miles
1996 SEDAN DEVILLE
Single up front
payment.
24 month lease.
Stk#215985
NIMAI
12,831 ,
Eldorado
24 months
24,000 miles
11111.11111. , ,
Single up front
payment.
24 month lease.
1996 ELDORADO
Stk#603386
Seville SLS
Seville SLS
$15,836**
Single up front
payment.
30 month lease.
30 months
30,000 Miles
1996 SEVILLE SLS
CADILLAC®
Stk#801590
GHER STANDARD
*GMAC SMARTLEASE 24 Mos. on Sedan DeVille & Eldorado, 30 months. on Seville SLS. First pymi Ref.
sec. dep. of $450, plus $3,000 down payment; plate or transfer fee due on delivery.State & lux. tax addi-
tional. Mile limitation of 24,000 on Sedan DeVille & Eldorado, 30,000 on Seville SLS. 15e per mile excess
charge over limitation. Lessee has option to purchase at lease end. To get total payments, multiply pay-
ment by number of months.
"Based on GMAC SMARTLEASE 24
jill
New add ;
months on Deville and Eldorado, 30 months
o
°7h
ty
Exit
on Seville, one single up front payment plus
$500 ref. sec. dep. plus plates or transfer
due on delivery + 6% sales tax & luxury tax
adcitional. Nile irritation of 24,000 on Sedan
DeVille & Eldorado, 30,000 on Seville SLS. ill
15¢ per mile excess charge over limitation.
Lessee has option to purchase at lease end.
Rinke
Cadillac
R INKE CADILLAC
•
I- 696 AT VAN DYKE
'7 5 8 - 1 8 0 0
If traveling west on 1-6%, exit Hoover, follow Service Drive to RINKE.
If traveling east on 1-696, exit Van Dyke; take second bridge past Van Dyke over expressway to RINKE.
Open Mon. 7-9pm, Tues. 7-7 pm, Wed. 7-7 pm, Thurs. 7-9 pm, Fri. 7-6 pm
Source: Allen ()lender, Prudential Securities,
West Bloomfield.
MASTER
DEALER
DIDIcATED TO
ElaT.ELLE