Denali purchased the vacant lot property from developer EdShaffran, who had been working for several years to get approvalsto develop condos at the Downtown location. Shaffran purchased theproperty for $470,000 in 2001. The purchase price for the sale toDenali was not disclosed. When Shaffran, purchased the property, itheld a condemned 1845 Greek Revival house.
Denali says construction should begin next spring and becomplete by the start of 2006. Pre-selling will be handled by AnnArbor-based Edward Surovell Co., which also markets Denali's RoyalOak project. Prices are expected to range between $325,000 to justunder $800,000.
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