1300 residents are a diverse cross-section of Detroit citizens, from young entrepreneurs to prominent leaders in city area government, education, and business to artists of all mediums. Some are new to the city and some have lived here for decades. The vast majority of residents are shareholders — there are very few renters.
Enjoying the company of people from many different backgrounds, ages, and points of view makes living at 1300 an enriching experience.
Mission and Vision
1300 Lafayette East Cooperative, Inc. is a premier residential community and the most sought after address in Downtown Detroit.
1300 Lafayette East Cooperative Inc. provides the finest quality living experience to the resident owners of this landmark, high-rise building. Located in the historic and diverse Lafayette Park neighborhood of downtown Detroit, 1300’s hallmarks include superior management, fiscal integrity, world-class architecture, and civility.
Housing cooperatives (co-ops ) are residential, non-profit corporations collectively owned and controlled by the resident owners or “shareholders.” Like condominiums, co-ops provide an ownership right to each buyer. But unlike a condo, where the resident owns the individual unit space, co-op ownership comes from the purchase of shares in the corporation, which represent a pro-rata portion of the entire residential community. A Board of Directors sets co-op policy and is elected by shareholders.
1300 Lafayette East is a “Market Rate Co-op”, where shareholders purchase and sell their shares at market value. Market rate co-ops should not be confused with government-subsidized co-ops.
Benefits of co-op ownership at 1300 include:
- Interior and exterior maintenance services
- Lower real estate tax assessments than home ownership
- Deductible real estate taxes
- Personal income tax deductions
- Lower utility costs
- Resident participation and governance
- Stable community and neighbors
At 1300 there is a monthly carrying charge. This covers the cost of:
- Real estate taxes (which are tax-deductible)
- A portion of the co-operative’s mortgage on the building (which is also tax-deductible)
- Basic cable
- Heat and air conditioning
- Use of many shared facilities like the pools, yoga room, and exercise room
Residents are responsible for their unit’s electricity, internet, phone services, and parking charges.
To put the charge in perspective, consider the true cost of owning a home in comparison.
MODEST HOME – Monthly expenses:
Total $600 per month.
LARGER, MORE EXPENSIVE HOME – Monthly expenses:
Total $1400 per month.
So in many cases, the monthly charge is no more than you would be spending on owning a home, plus you have the luxury of a 24 hour door security person, package delivery, dry cleaning services, outdoor pools, exercise room and more!
For more information about co-ops, visit the National Association of Housing Cooperatives.