A proposed $25 million luxury apartment development could be coming to the Five Points areaon the northeast side of Auburn Hills.
A Farmington Hills-based company has submitted plans for six, three-story buildings on nearly seven acres on the east side of Five Points Drive, across from the campus of Oakland University.
The nearly 180-unit Five Points of Auburn Hills would be situated north of University Drive and west of Squirrel Road. Construction could begin as early as this fall, according to city officials.
The “Golden Triangle” where the complex is planned already includes retail, restaurants, a hotel and office buildings.
Five Points of Auburn Hills would include six three-story buildings consisting of nearly 180 luxury apartments. Photo courtesy of City of Auburn Hills
“This is a really nice addition,” City Manager Tom Tanghe said, adding the residential component “really fills in the missing piece.
“Now, there’s going to be life there 24/7.”
The project includes one-, two- and three-bedroom apartments from 800 to 1,300 square feet with rental rates expected to range between $1,100 and $1,700 per month, according to city officials.
The development is expected to be the subject of a June 8 public hearing before the city’s planning commission. If approved, city council also would be required to give its blessing to Beztak Properties’plans at a later date.
The project is expected to include a walkway to nearby businesses as well as Squirrel Road.
The property was once targeted for a large financial center, which included two 10-story buildings and a five-story parking garage. A hotel was also once planned, but neither idea ever came to fruition.
More than 600 rental units are currently approved for construction at various developments around the city, officials noted at an April city council workshop where the project was discussed.
The location, near Oakland University, is one officials expect to be in high demand for apartment developments.
Development also is expected to begin soon on a nearby retail plaza located on approximately two acres on the northwest corner of University Drive and Squirrel Road.
Auburn Marketplace will be anchored by a Starbucks store, but the other five building tenants have yet to be announced.
The project will be built on the site of the former Palm Palace, a Mediterranean restaurant which closed last fall and was recently demolished.
The $2.75 million, 12,000-square-foot retail center is expected to open this fall.
Developers have promised nationally known companies will occupy the other storefronts.
Any future development in the Five Points area would likely have to come through similar redevelopment, Tanghe noted, as the apartment development was among the last vacant property in the area.
