February 7, 2005

By Karen Gentry

MiBiz Network

MUSKEGON — The $6 million first phase of the WaterMark Lofts project at Hudson Street and Washington Avenue near downtown Muskegon is finished.

The new residential development includes 53 loft-style condominiums ranging from 648-1,515 feet. The one, two and three-bedroom units range in price from $94,000 to more than $200,000. Currently 21 units are ready and available for sale.

In a testament to the heritage of the former Shaw-Walker factory that became WaterMark Lofts, 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.

For project architect Gary Breen of Muskegon-based Hooker/DeJong Architects Engineers PC, 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 told MiBiz. “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.

The Watermark Lofts project is far from finished. The Shaw-Walker complex covers almost 1 million square feet and is being converted in five phases to residential condominium units and commercial areas. Developers still have to demolish buildings that were added on to the original Shaw-Walker building over the years. The property is being renovated from the front to the back. Condo units with the best views of Muskegon Lake will be built last.

The completed project features four floors of residential space and 5,000 square feet of first floor commercial space with adjacent parking areas. The commercial floor will be known at the WaterMark Center.

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.

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This article appeared in the February 7, 2005 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 Network, visit www.mibiz.com.