The $22.5 million luxury condo development on Grand Avenue in Lansing continues getting bigger.
Capitol Towers developers, Shawn Elliott and Allen Drouare, have added six more stories to what was initially to be a 12-story development.
“It really comes from the demand and the incentives for living Downtown,” Drouare says.
Drouare
and Elliott have been successfully shopping their proposal, which will
include retail space, a dry cleaner, a coffee shop and a fitness
center, to investors. More than 300 business leaders showed up to their
first investor presentation.
“The
combination of the amenities and the increasing benefits of living
Downtown has really increased the demand for the project,” he says.
The
Downtown certainly has seen a surge in developments over the last year.
A new nightclub and new bars and restaurants have made living in
Downtown Lansing more appealing for many prospective renters and buyers.
The
building site is also located in a Renaissance Zone, which means
residents won’t have to pay property tax or state and local income
taxes for 15 years.
Drouare says they plan to break ground on the project this fall, but are already taking condo reservations.
Source: Allen Drouare, Capitol Club Towers
Ivy Hughes, development news editor, can be reached here.
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