Mt. Clemens River Lofts move from sales to rentals, nearly filled

Selling lofts and condos is a tough game to play in right now, so is it any wonder more and more developers are turning toward rentals as a way to turn bleeding bottom lines black?

Add the River Lofts project in downtown Mt. Clemens to that list. Sales were going fine at the start of the project with 14 of the first 24 units getting scooped up by buyers. But then the housing market took a dive and River Lofts developer Ted Schollenberger needed to find a different way to make ends meet.

Now that he is renting the rest of the units out (they’re also still for sale) six of the 10 are leased and the rest are expected to be filled soon.

“In six weeks I have leased out six units,” says Schollenberger, who is also chair of the Mt Clemens Downtown Development Authority.

The building is located at 98 N. Gratiot Ave. and overlooks the Clinton River. The units range in price between $149,000 and $350,000 for sale or $1,000 to $1,500 a month to lease. The lofts have open floor plans and range in size from 950 to 1,400 square feet. Each has 17-foot ceilings, access to the Clinton River, and a heated garage.

Schollenberger’s started the development a few years ago by renovating an underutilized building with a large parking lot. He restored the building to residential status then built new lofts on the parking lot area. He is doing the same thing with The New Street Lofts, which was an old downtown church.

For information, call (586) 206-3270.

Source: Ted Schollenberger, developer of the River Lofts
Writer: Jon Zemke