The Fifth Royal Oak is now full, from top to bottom, and all of its doors will be open by mid-July.
The iconic tower on Washington Street near the Royal Oak Music Theatre has either sold or leased all of its residential and commercial space. Jimmy Pallazolo has leased 4,200 square feet of space for his salon, a 20-year-old institution in downtown. It is expected to open by July 10.
The rest of the 78 residences in the 18-story high-rise are now occupied and the fitness room for the residents is set to open on July 10, too. Even though The Fifth Royal Oak started out as a for-sale development, the plummeting real-estate market forced the developer to include rentals and now it is mostly filled with renters.
“That’s really where the market is today,” says John Hanna, co-developer of The Fifth Royal Oak. “The lease market is pretty hot.”
One of the swankiest developments in downtown Royal Oak, this city landmark is also one of its tallest buildings and offers some of the most luxurious high-rise living spaces in Metro Detroit. The Fifth Royal oak offers dramatic views that sweep across southeast Michigan.
The residential units start at the seventh floor and continue to the top. All of the homes feature amenities, such as floor-to-ceiling windows and inset balconies. The condos vary between one, two and three rooms. The second through sixth floors are dedicated to parking. Each unit comes with a heated, indoor parking space.
The project is being spearheaded by Michigan developers John and Jack Hanna of Chrysos Development & Management Co. For information, call (248) 591-5432.
Source: John Hanna, co-developer of The Fifth Royal Oak
Writer: Jon Zemke