$10 million condo/retail project planned for Detroit Lakes
Preliminary plans have been unveiled for The Waterfront, a $10 million complex of luxury beach condos and retail space to be built on Little Detroit Lake.
Grafton, N.D.-native Drew Olson, a principal in Scottsdale, Ariz.-based MoDev real estate development, released project details Wednesday following eight months of planning and market analysis, he said.
The Waterfront's prime location is at the convergence of South Washington Avenue and West Lake Drive, across the street from J&K Marine's boat marina and Detroit Lakes pavilion.
The complex will contain 27, one-, two-, and three- bedroom luxury condominiums starting at $179,000, Olson said.
Construction won't begin until about 20 of the condos have been sold, he said.
"We'd like to start this fall," Olson said.
The Waterfront offers four styles and seven different floor plans, he said, with the smallest just under 1,000 square feet.
The complex contains about 12,000 square-feet of retail space that may include a restaurant, retail and office space, Olson said.
MoDev is just beginning to market the commercial portion of the project, Olson said.
"We will see who comes, and when, before we start breaking them down into units as far as the commercial sizes go," he said.
The Waterfront has an agreement with J&K Marina to provide boat slips for condominium owners, he said.
The property is owned by Mitch and Brad Wimmer. "We're terribly excited for the project," said Brad Wimmer, noting the building site's historic past.
"We would like to see it developed in a fun way for the Lakes area," he said.
"It's been a goal of mine to do a project like this," Olson said. "The site is really unique in that it is within the city limits and it's also on the lake, which is a rarity in Minnesota lake front property."
Olson, 30, said he has been involved with other similar "high-end, luxury developments" in Arizona.
The Detroit Lakes Development Authority will meet Tuesday at 4:30 p.m. to discuss Olson's proposal for tax increment financing for the project. The DLDA asked Olson in June to come back with a TIF proposal with retail space instead of a conference center.