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November 30, 2007

Watermark Detroit Riverfront Residential Development To Open Welcome Center and Model
Exclusive Pre-Sales Event at Pre-Construction Prices on December 1

DETROIT–Detroit-based Spingarn Development, LLC, announced today the opening of The Watermark Detroit’s Welcome Center and Luxe Model. An exclusive preconstruction sales event will be held on Saturday, December 1st from 11 a.m. to 5 p.m.

Situated on 2.2 acres, The Watermark Detroit is to be located at 2122 Atwater Street, between St. Aubin and Dubois Street, next to the Tri-Centennial State Park. When completed, the Watermark Detroit will be known as the most luxurious new-construction residential development ever built on Detroit’s riverfront.

"We are excited about launching the first development in the east riverfront district. The sales center and model captures the Watermark Detroit’s sense of style and distinction,” said Dave Bing, president of The Spingarn Development, LLC. “The opening of the sales center and model is an indication of how quickly this development is getting underway.” To register for the exclusive sales event taking place on December 1st, visit www.watermarkdetroit.com or call 313.852.7000.

The Residences
The Watermark residences were designed by Kraemer Design Group, a Detroit-based architecture firm. The gated community will have three residential styles: City Homes, River Homes and Marina Homes.

The $60 million luxury residential development will have a total of 112 residences, with 34 unique floor options ranging in size from 1,388 square feet to more than 3,600 square feet. The residences will be within walking distance of the RiverWalk, which connects the entire riverfront district. The development was purposefully designed with low density of units per acre to provide maximum open space in this exclusive gated enclave. A village path will run in the center of the property with urbane design, including a tree-lined walkway and seating areas.

The residential tower will rise seven stories above a two-story enclosed parking deck, with sweeping views of the Detroit River, Belle Isle, the downtown city skyline and the Tri-Centennial State Park and Marina. The residences will range in price from the mid $300,000s to over one million dollars.

The Watermark project is anticipated to be completed by fall of 2009. For questions about sales, contact Esquire Properties at 313.852.7000 or visit www.watermarkdetroit.com.

Amenities
All residences will feature striking panoramic ceiling-to-floor glass windows and dramatic, ample-sized terraces ranging from 110 square feet up to 700 square feet in size with glass railings. Expansive open floor plans and contemporary kitchens will compliment the details of the spacious glass-enclosed showers and owners’ suites. A special green feature in the residences will include a solar ban glaze that allows high visibility while conserving energy.
The community will feature a detailed two-story lobby with a concierge, state-of-the-art fitness center, resident wine cellar, home theater and media room. The exterior will include underground or attached parking with an electronically accessed garage, richly appointed landscaping and direct access to the RiverWalk.

Editors Note: The virtual tour of the Watermark Detroit, as well as graphic renderings of the community, is available upon request.

The Spingarn Development, LLC is a development firm located in Detroit, specializing in complex real estate and economic development projects.

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