March 10, 2004

Today, nearly 40 community leaders gathered for the unveiling of the new identity for the Shaw Walker building. Almost one million square feet in size, the former furniture manufacturing facility will now be known as The WaterMark and will house a mixed-use residential and commercial development.

The first phase of the five-phase development is set to begin construction this spring and will include 53 Manhattan style loft condominiums and 5,000 square feet of commercial space. This portion of the development is the 5-story building located on the corner of Washington and Hudson streets, behind Western Avenue. This first phase of development should be ready for occupancy by the end of 2004.

Located in a Renaissance Zone, both business owners and residents will take advantage of this essentially tax-free location until 2014. Under the Renaissance Zone designation, the following taxes are exempted: real and personal property taxes, single business tax, and city corporate income tax. For a resident in the WaterMark with a household income of $100,000, this would translate into an annual tax savings of approximately $5,000. Additionally, the housing unit would be exempt from residential property taxes. This would translate into more than $3,700 in property tax savings if we estimate a home value of $200,000.

The project developer, ANM Group, has contracted with Hooker DeJong architects and Muskegon Construction Company to complete the project. Brooklyn, New York based ANM Group has completed many similar projects in the New York area.