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Farmington flak, Michigan
support than oppose the project.
"This was a city proposal. I
think it's very far-reaching. To
keep the downtown vital, you
need to have people living there.
If there are people with dispos-
able income living downtown, it
will solidify the rest of the shops,"
he says.
Plus, he adds, the project could
lead to the closure of Fifth Street
and the narrowing of Sixth
Street, considerably reducing
traffic in the area — an added
benefit for the neighborhood.
Nearly two years ago Royal
Oak put out a call for bids, spec-
ifying that the developer would
have to provide a minimum 400
parking spaces in a parking
structure and 53 residential
units. According to Royal Oak
City Attorney Chuck Semchena,
a city-built parking structure to
accommodate the huge number
of people who stream into the city
to eat and drink would have been
prohibitively expensive —
$10,000 to $20,000 a parking
space.
Mr. DiMaggio says the city
sold the property to Arco for
$775,000 after the first bidder
dropped out of the process. The
entire project will cost between
$25 and $27 million, Mr. Cohen
says.
Under a preliminary agree-
ment between Arco and Royal
Oak, the planning and city com-
missions must review the modi-
fied proposal to see if it meets
ordinance requirements. If ap-
proval is given, Arco would con-
duct a marketing study to see
how well the units would sell.
Mr. Cohen is confident it won't
be a problem filling Lafayette
Terrace. He says "hundreds,
maybe thousands" of potential
buyers have called to inquire
about the project, some of them
residents of Main Street Square
townhouses on South Main
Street.
The two- and three-bedroom
units will sell for between
$150,000 and $300,000 and
range in size between 1,200 and
2,400 square feet. All have a min-
imum of two bathrooms, Jacuzzis
and balconieS. Two parking spots
are reserved for every unit.
Mr. Cohen says if all goes well,
the first tenants could move in
by the summer of 1997.
Mr. DiMaggio is confident the
development will enrich Royal
Oak.
Before the Main Street Square
townhouses were built, the city
commissioned an impact study
measuring the potential dollars
that would be spent by new res-
idents.
"It was quite substantial, and
I would expect this project would
have equal or greater economic
potential for the community," he
says.
Lafayette Terrace was de-
signed by Shrem/Luttermoser
Architects of Southfield. ❑