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Midland condominium complex damaged by flood to be refurbished by developer

Once the refurbishment is completed-- the homeowners will have the first opportunity to move back into the complex.
Developer to purchase complex in Midland damaged by flood.
Developer to purchase complex in Midland damaged by flood.
Published: Jul. 7, 2020 at 7:00 PM EDT
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FLINT, Mich. (WJRT) -(07/07/2020)-”It’s been a very sad time for a lot of people. A lot of emotional turmoil and uncertainty and c hanging circumstances. So for this offer to come along to offer a little bit a at the end of the tunnel is a wonderful thing,” said broker Logan Richetti.

The Village West Condominium complex was one of the casualties of historic flooding that swept through parts of Midland County in May.

The 46 owners were forced to leave their homes for what they had believed was for good, after recently voting not to rebuild.

“We have negotiated a successful arraignment for all 46 units to be sold and we have collected as of the deadline midnight on Friday 3rd, we have collected signed contracts for all 46 owners,” Richetti said.

Richetti is the owner of Modern Reality and broker for the deal with a developer to restore the 46-unit complex.

“It’s been a really positive turn of events for the owners who had recently voted not to rebuild their units because they felt the cost would be prohibitive. These investor, developer coming in, has been a savior and has made it possible for the owners to potentially recover some of their lost equity,” he said.

Once the refurbishment is completed-- the homeowners will have the first opportunity to move back into the complex.

“One of the stipulations of the contract was for an offer for any owner who had sold their property, to lease the property back on what’s called a life lease at a discounted rate if they chose to do so,” Richetti said.

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