Renters now able to lease at 55 W. Canfield lofts in Midtown

Half of the units at 55 W. Canfield are now available for lease. Rates range from $800 to $1,100 per month depending on size, location and whether or not the unit has a balcony.

Developer Colin Hubbell says his strategy is "a creative situation to a pretty tough real estate market recently."

Potential condo renters at 55 West often include first-time homebuyers who are currently unable to a secure mortgage. "They still have an appetite to be in Midtown, but when the credit market tightened up, they became unable to buy," he says.

Several leases have already been signed, giving Hubbell confidence that the building will fill up quickly -- which may in turn lead to more buyers. "It adds activity and vibrancy to the building, it makes it a more viable and exciting place to live whether renting or buying," he says.

Depending on how the market evolves, the rental units might be flipped to condos in the future and tenants will have the option to buy.

Those with interest in buying or renting at 55 West have a chance to view multiple units on March 28 during "An Evening of Decadence," a fund-raiser for Make A Difference Community Alliance's youth programming.

Guests will enjoy poetry, jazz and desserts. Tickets are $10 in advance and are available by calling 313-567-0510. More information is available at ChangeTomorrow.org.

Source: Colin Hubbell, 55 W. Canfield
Writer: Kelli B. Kavanaugh
Photograph: Marvin Shaouni
Marvin Shaouni is the managing photographer for Model D & Metromode