Construction, Lakeshore, and Real Estate

$14M waterfront development taking shape

Terrace Point Landing welcomes model home to its waterfront neighborhood.

August 14, 2015
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Terrace Point
Terrace Point Landing’s first model home is open. The 24-acre downtown development includes a marina, hotel and restaurant. Courtesy Bethany Lamb

The doors have opened for tours of the first model home in a roughly $14 million urban waterfront community along the shoreline of Muskegon Lake in downtown Muskegon.

Parkland Properties, a Grand Rapids-based firm specializing in urban and waterfront redevelopment, recently announced the first completed model home at Terrace Point Landing opened its doors Aug. 13 for tours.

The cottage-style home was built by David C. Bos Homes, a West Michigan custom-home builder, and is located across the street from access to Muskegon Lake. With an elevated deck, two-stall garage, two and a half baths, and two to four bedrooms, the home and property is valued at close to $237,000.

Furnishings were provided by Heggs Furniture of Hart and Holland, which will use the model homes as its new Muskegon showroom, according to the press release.

Jon Rooks, associate broker and owner of Parkland Properties, said construction on the model began in June and, although it is not directly on the water, the elevated deck offers a great view.

“We had hoped to have it done earlier, but there were some of the typical things that slow you down. But the significance is people can get a feel for the views,” said Rooks. “This is a house that is across from the next model, which is being framed up, as we speak, directly on the water.”

Groundbreaking on the community began in spring 2014 and took roughly a year to complete, due to hauling in roughly 35,000 yards of sand to raise the elevation of the property and installing all new utilities, according to Rooks.

“We had 2,800 tandem-axel dump truck loads of clean sand, and then we built new roads, new streets, new sewer and new water,” said Rooks. “The roads will be maintained by the city of Muskegon, but we had to build them.”

While the model home is the first to be completed within the neighborhood, the foundation for a second home, located within 15 feet of Muskegon Lake, has been poured and the framing has started. By this fall, it is anticipated four homes will be completed, according to the press release.

Bradley Veneklase, associate broker with Parkland Properties, said two more home sites have closed within the last two weeks and construction will begin this month.

“We are very excited for potential owners to see this urban living opportunity and tour the first model home,” said Veneklase. “I think everyone will be impressed with what they will see in David C. Bos Homes, our award-winning builder. David. C Bos has been West Michigan Shorelines’ premier waterfront builder for decades.”

Terrace Point Landing is a $14 million urban waterfront community development located on 11 acres along the shoreline of Muskegon Lake. The housing development is part of an overall 24-acre development Rooks has invested in redeveloping in downtown Muskegon. The 24 acres includes the nearby marina, a 140-unit hotel and an 11,000-square-foot restaurant, according to Rooks.

The development has 70 sites, with 28 located directly on the water. Depending on location, pricing of the sites ranges from $35,000 to $139,900, according to the press release. While a private waterfront lot and home will cost roughly $350,000, an interior lot and home could be purchased for under $295,000.

Terrace Point Landing is in a Neighborhood Enterprise Zone, which provides property tax exemptions for residential housing. Homeowners can receive a 50 percent tax break of the state average for roughly 12 years. The Neighborhood Enterprise Zone for the waterfront community will expire Dec. 31, 2025, with the last three years phasing out in increments.

“When you take those lot values and you want to build a three-bedroom or four-bedroom house, you can do that with a total purchase price directly on the lake or across the street somewhere between $280,000 and $420,000,” said Rooks. “It is an amazing opportunity that is being offered for the first time in decades in West Michigan, when you consider it is on a lake connected to Lake Michigan and you are within an hour of Grand Rapids.”

Parkland Properties anticipates investing between $750,000 and $1 million this year in model homes and the various amenities included at Terrace Point Landing. The waterfront community will feature a private common beach, pool, Jacuzzi, a forested courtyard and boat docking options. Groundbreaking for the pool, beach and courtyard is anticipated to begin this fall.

The firm also announced Aug. 7 the development has gained new partners.

Nick and Ashley Sarnicola, who recently donated funds to Muskegon Community College’s business school campus in downtown Muskegon, expressed interested in partnering. As one of a number of friends interested in becoming partner investors in a Muskegon project, Rooks said they are the only partners he has had in any of his projects, and Terrace Point Landing seemed like a perfect fit.

“They are friends of mine from awhile back and they have ‘drunk the Kool-Aid,’ if you will, regarding the fact that Muskegon is really now just getting started and it is on a big turnaround,” said Rooks. “It is a great place to invest, and you can invest ahead of the curve here. They feel really good about Muskegon.”

The recently completed model will again be open for tours from 1-3 p.m. Aug. 23; tours will continue every Thursday and Sunday through September, according to the press release.

There is an increasing demand for market-rate housing in the Muskegon community, Rooks said.

“We wanted to take advantage of that by doing two things. We wanted to build a rental community, and that is why we are doing HighPoint Flats … and simultaneously we wanted a product that was a for-sale product.

“That is what Terrace Landing is about. The walkability to downtown Muskegon is amazing; you can walk to 20 downtown restaurants, nightlife, breweries, museums … there is a lot of really fun things happening in Muskegon.”

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