Property tours are available by appointment ONLY. Please contact Gary Grochowski to schedule at gary.grochowski@colliers.com or 248-226-1856. Investment Highlights: Value-Add multifamily development opportunity in established Springwater Park community Includes 3 parcels for 34 units with complete plans and drawings available and ready for permits All utilities at the site Timeless design with brick façade and garages At the corner of 6 Mile Rd and Haggerty Road across from Northville Village Shopping Center Near several retail POI and walking distance to shops/restaurants Easy access to I-275, I-696 & I-96 and only ±4 miles from downtown Northville Dense demographics with 2016 population estimate of 196,726 and average HH income of $96,504 within 5-mile radius Investment Overview: Springwater Park Development Land consists of 3 undeveloped land parcels totaling ±3 acres within an existing multi-family community called Springwater Park, located in Northville, MI. Springwater Park Development Land includes 34 individual folio/APN numbers (included in DD vault) and is comprised of the land to complete buildout on Building #10 (8 units), Building 11 (14 units), and Building 13 (12 units). Springwater Park was originally developed in 2004 and was slated to consist of 21 buildings with 200+ units. However, when the market decelerated in 2008, the developer did not complete the remaining 3 buildings that were ready for development. These 3 parcels ready for 34 units included in this offering are unimproved, however they are located within the existing 192 unit condo development with easy access to utilities and development plans to complete the remaining 34 units. The plans for the Property are for 34 units ranging in size from ±1,400 SF to ±1,820 SF with attached garages averaging ±440 SF. Each unit is slated to have 3 bedrooms, 2.5 baths, large finished kitchens, and 2-car garages. All utilities are at the site and each unit is slated to be separately metered for gas and electric with water being paid by the association. Northville is a suburb of Metropolitan Detroit located 21 miles northeast of Ann Arbor and 29 miles northwest of Detroit. Located within Wayne County, the Property is easily accessible and located less than a mile west from entrance of I-96 and I-275. Springwater Park is located west of N Haggerty Rd and south of 6 Mile Rd and the subdivision is located across Northville Village Shopping Center anchored by PetSmart, REI, Eyeglass World, Office Depot, Kroger, Bed Bath & Beyond, Barnes & Noble, Running Fit, Ulta Beauty, Five Below, Applebee's and Papa Vino's. This Property is located near numerous food & beverage establishments including P.F. Chang's, Nooles & Company, Mitchell's Fish Market, Bravo! Cucina Italiana and Fleming's Prime Steakhouse & Wine Bar. Additionally, the Property is located ±0.8 miles from Hawthorne Center Hospital, a children psychiatric with 69 beds, and ±1 mile from Northville Health Center, a multi-specialty outpatient center. The Property is located ±4 miles SE of Downtown Northville which offers a variety of attractions and amenities including several shops, boutiques and restaurants. The Property is part of Plymouth-Canton School District and is located a short walk from Eastern Michigan University, Northville Montessori Center (±0.8 miles), Northville Christian School (less than 1 mile), Northville Montessori Center (less than 1 mile), Holmes Middle School (±1.7 miles), Farrand Elementary School (±2 miles), Madonna University (±2.7 miles) with ±4,000 students, Our Lady of Victory School (±4 miles), St. Paul Lutheran School (±4 miles), and Plymouth Junior High School (±5 miles). Springwater Park Development Land benefits from dense area demographics with 2016 population estimate of 196,726 and average HH income of $96,504 within 5-mile radius and anticipated future growth. This Property offers investors the opportunity to complete development of the remaining 34 units within Springwater Park and offers investors with a huge value add opportunity through development and future sale or leasing efforts.
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