Rentals help drive growth in vintage downtown Mt. Clemens

Ted Schoellenberger didn't start out trying to be a landlord when he built lofts in downtown Mt. Clemens, but he's glad he's one today.

The developer and chair of the Mt. Clemens Downtown Development Authority is the man behind the River and New Street lofts. Both projects were started with the intent of turning them into for-sale condos. They became rentals as a last resort when Schoellenberger realized last year that nothing that wasn't a foreclosure would sell.

"It was certainly better than selling them at foreclosure prices," Schoellenberger says.

Actually, it turned into something much better. All of the units in both projects (about two dozen) have been rented for fairly high prices. He now realizes that the rental market is strong enough that he doesn't have to worry about them sitting empty for long.

"Good clientele are renting them," Schoellenberger says. "If someone leaves I can find a replacement quickly."

That means more foot traffic downtown, adding to the vibrancy. That foot traffic usually has a bit of spring in its step since younger people have been going after units in the unique buildings.

The New Street Lofts is an old church that had burned and been used as a warehouse before Schoellenberger took it over last year. Now its six lofts are arguably the most architecturally interesting residential space in the city. He did a similar thing with the River Lofts a few years ago, renovating an underutilized building overlooking the Clinton River and adding a new wing to it.

Source: Ted Schollenberger, developer of the River and New Street lofts
Writer: Jon Zemke

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Rentals help drive growth in vintage downtown Mt. Clemens

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