It’s a one-million-square-foot risk. Fifty-three residential condominiums have been created as part of the 85,000-square-foot first phase of the project. Sixteen of those units had been sold as MiBiz went to press.

Many of those homes have been purchased as second homes, but several are being used as primary residences.

While the development is very modern and unique, it can also be described as a testament to the heritage of the former Shaw-Walker factory that became WaterMark Lofts. The interior design featuring an industrial theme is evident throughout the project, with gray color schemes and polished chrome and stainless steel.

The doors to the hallways include a swirled galvanized finish. Some ductwork is exposed and there are semi-finished ceilings. The units include tile floors in the kitchen and baths and upscale appliances. All units also feature high ceilings and eight-foot doors.

Project architect Gary Breen, of Muskegon-based Hooker/DeJong Architects Engineers PC, told MiBiz last year that WaterMark Lofts was a unique, fun and expressive project.

“This is not just another market rate condominium project. It has some uniqueness to it, some excitement,” he said. “I would have to say this has been one of the better projects that I have ever worked on.”

Breen is heading the redesign of the manufacturing space into loft condominiums and commercial space for developer ANM Group. Muskegon Construction Co. is the general contractor.

Living in the new loft condominiums will be largely tax-free because of WaterMark Lofts’ Renaissance Zone status. Residents will pay no local personal property taxes, state personal income tax, local real property tax, 6-mill state education tax or local income taxes. The units must be owner-occupied to get the tax credits.

Another 11,000 square feet will be developed as commercial and retail space in the second phase. Letters of intent are being accepted for the third phase — the development of 55,000-square feet of specialty shops with a public market theme.

“We were one of the first to take that risk. But you have to remember that our owners in New York don’t get into anything without doing their homework,” said WaterMark Center & Lofts Project Manager Sarah Rooks. “And this has really become a labor of love for all of us.”

WaterMark devel-opers are talking to Muskegon city offi-cials about taking over control of the Farmer’s Market and moving it to the marina on the shore of Muskegon Lake. Rooks said that the company is willing to match a $300,000 state grant and would assume responsibility for the Market’s management in partnership with city officials.

“It would connect us to Muskegon Lake,” said Rooks. “That is important to us because we always say that we are not selling condos, we are selling a lifestyle. This would also allow us to control what goes on across the street from us.”

Muskegon Economic Development Director Cathy Brubaker-Clarke told MiBiz that the construction of the WaterMark project has been very important to the downtown revival.

“The folks at WaterMark really took a step forward when things were much more uncertain than they are today,” she said. “Because of the success of WaterMark, people are starting to think that developing in Muskegon may not be as risky as it once was.”

Rooks believes that downtown Muskegon is “regenerating” because people are rediscovering life in the district. “That includes people from both Muskegon and outside the area. We have gotten a lot of interest from people across the lake in Milwaukee.”

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ALL RIGHTS RESERVED.

This article appeared in the December 11, 2006 issue of MiBiz, read by upper management executives in West and Southwest Michigan. Print subscriptions are free to qualified individuals who are employed in West and Southwest Michigan. For further information about MiBiz, visit www.mibiz.com.