thest away from the highest part
of the building, a tower. Instead,
homes would face the front doors
of the townhouses.
Arco bid on the job, which
called for 400 parking spaces.
The site is occupied by an aged
200-space parking lot bordered
by Lafayette and West streets on
the east and west and Fifth and
Sixth streets on the north and
south.
"If you start with a 400-spot
parking lot as a requirement,
you're starting with a large
mass, anyway," Mr. Cohen says.
"I think over the next few
months we'll work out a differ-
ent proposal that would be ac-
ceptable to everybody." That
could include below-ground
parking, he says.

Some would like to
see Arco come up
with a smaller
version.

The most recent drawings of
Lafayette Terrace feature two
bathrooms, a jacuzzi and bal-
conies in each of the units, which
would sell for between $150,000
and $300,000. A health club
would occupy the fifth floor, while
the street level would house re-
tail shops. It would have includ-
ed a 4-level parking deck, with
two levels guaranteed for pub-
lic parking. The city planned to
pay for the spaces by selling $4.6
million in bonds that would even-
tually be paid off with the tax rev-
enue generated by the new
development.
A few commissioners objected
to a bond issue. Royal Oak City
Commissioner David Gorcyca
says financial projections didn't
look rosy enough to give his ap-
proval to the Arco plan. The
amount of revenue the city could
collect is greatly reduced by pro-
visions of Proposal A, he says,
and the condominiums would
have to sell for $200,000 each in
order to generate the kind of tax-
es it would take to make the pro-
ject self-sustaining.
But, Mr. Gorcyca adds, he
would like to see Arco come up
with a smaller version of
Lafayette Terrace, even if its
units sell for less than $200,000.
"I am hopeful the developer
will present some modified plans
for a smaller scale, downsized
version. A development there
would benefit the city, particu-
larly if it has a parking compo-
nent," he says.
Three restaurants are plan-
ning to move into the downtown
area within the next six months,
making parking availability
paramount.
That's one reason attorney

CONDO page 40

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