Ledges on Lake Superior

An Urban North Shore Townhome Community

Revised April 1, 2006
Look for periodic updates

Background

The Ledges on Lake Superior has been ten years in planning, in land assemblage, and in working with the City of Duluth, St. Louis County, the State of Minnesota, the DNR and other government agencies in the intricate process of Lake Superior shore land development.

In December 2004, the first nine townhomes were started. It was the culmination of many years of collaborative effort of the Lakewalk LLC development team. Completion of the first nine townhomes is presently done, and all are sold.

The total development is projected to be 46 townhomes and condominiums. 25 townhome-type units similar to the current townhomes under construction are planned. As well as 21 condominium units in a 3-story masonry-constructed complex over heated lower level parking. The townhomes and condominiums, while not identical, will be in the same “family” of architectural style and design.

Tier Pricing

The pricing of the townhomes and condominiums is essentially in Three Pricing Brackets or Tiers:

• Tier One, which is right on the edge of the water, is priced in the $999,900 to $1,149,900 range as Phase I pricing. There will be just 14 townhomes right on the shore. And these are the last two left! In positively the most majestic and magnificent locations. See Pricing and Construction Specifications.
   

• Tier Two pricing, which is the second tier back from the water – yet only 200’ or so from the water – consists of the present 4-townhome building. This 4-townhome building has just been completed and is available for viewing. Pricing for the 4-townhome building (2302, 2304, 2308 and 2310 Water Street) is in the $519,900 - $599,900 range. This townhome is fully completed including but not limited to hardwood, ceramic and carpet flooring; upgraded cabinetry; granite counter tops; excellent stainless steel appliances; 2 ½ baths; lighting; sound wiring; and security wiring. Note: future-to-be-built townhomes in Tier Two will be priced in the upper $600,000 range and beyond and, amongst other amenities, will include a personal elevator.
   

• Tier Three pricing is in the $449,900 range – and up – and is the third tier back from the water. The 21-unit condominium complex will have two heated parking stalls for each condominium unit. These condominiums will be fully completed according to specs. There will be direct access to the Lake Superior shore through the Association Development and many spectacular lake view!

Therefore, buyers can generally find a townhome or condominium in their range from the low $400,000.00 range to a million plus. All pricing is subject to change without notice, and has been updated as of April 2006. The Ledges Townhomes are in a community-based development designed to provide a true neighborhood experience. As a prospective buyer, if this sense of community … sense of neighborhood … is important to you, there absolutely is no other townhome development with a lake view or on the lake like it in Duluth!

Currently Under Construction

As of April 1st, 2006, building four along the water (2402, 2404 and 2406 Water Street) are presently under construction and are anticipated to be completed in the fall of 2006. These three townhomes have been sold.

Site work will be under construction this Spring and early summer for Building Five along the water (2408 and 2410 Water Street) – the final two-townhome building right on the water. 2408 and 2410 Water Street will range in size from 3,896 square feet to 4,743 square feet. There are heated attached garages. All of the essential living is on the main floor: living room, dining room, kitchen, the bedrooms, the laundry room, the study, etc. So it is one-level living. Enter from the front door or attached garage, and all of your essential living space is on one level.

There is also, however, a lower level which for all practical purposes is “extra space” for guests, hobbies, and an office and such. The lower level is accessed by a wide turning stair case. The lower levels have large windows overlooking the lake and the magnificent ledges jutting into the water. There is a walk-out to the shore.

Many of the townhomes, depending upon the stage of construction, can be designed to accommodate a future elevator.

Meditation On The Rocks

This quaint townhome community of The Ledges is situated on approximately 8.25 acres, which includes the land designated for the Lakewalk. Together with the “park land” to the east of The Ledges, the total “setting” encompasses about 12 ½ acres. All this land and sense of seclusion is in the heart of the city!

Walk the land. Sit on the ledges jutting magnificently into the lake. And you’ll feel a sense of being “away.” A sense of peace. Yet, it you’re in the middle of everything. It’s just minutes to Northland Country Club, to river trout fishing, and to inland lake fishing.

Outstanding education at the University of Minnesota Duluth and the College of St. Scholastica are just 5 minutes away. Top-level medical services are available at St. Marys Hospital, St. Lukes Hospital, The Lakewalk Surgery Center, and the Clinics –
Just 3 – 4 minutes away by car.

Walk To Dining And Entertainment

Within a few minutes walking distance is Perkins and Blackwoods Restaurants on London Road.

The fine dining of Bellisios and several local casual dining restaurants such as Grandmas Restaurant and The Athletic Club Restaurant are located in Canal Park and Downtown Duluth – just 20 minutes walking distance along the Lakewalk. The City of Duluth has plans to continue the Lakewalk all along The Ledges property – extending to Canal Park, Bayfront Festival Park and beyond.

Also, in the Canal Park area is the Duluth Entertainment and Convention Center – the home of the Duluth Symphony and national performances – the Omnimax Theater, the Duluth 10 Movie Theater, the Aquarium, the historic Irvin Ore Ship. All within walking distance of your Ledges front door.

Along the Lakewalk, just 10 minutes by foot, is Leif Erickson Park, the renowned Pickwick Restaurant, the historic Fitgers Shopping Complex, Bennetts On The Lake Restaurant, and the Brewhouse Grill.

Walk to Division I College Sporting Events

The DECC (Duluth Entertainment And Convention Center) is home of the University of Minnesota Bulldog hockey team – playing nationally ranked teams from across the country. So, for those Ledges owners who are not full-fledged SnowBirds, they can enjoy joining a special group of Lakewalk Walkers who are particularly fond of the nature walks along the rugged urban Northshore in the winter!

Next Townhomes To Be Built

The Two-Townhome Building (2408 and 2410 Water Street) is presently projected to be started in the Fall of 2006 with an anticipated completion date of the Summer in 2007. Subject to one pre-sale.

Subject to pre-sales, the 21-condominium building is projected to be started in 2007 and will be completed based on a 12-month projected construction period. The condominium units will be approximately 1,850 square feet, finished according to the plans and specs. It will be a masonry building with masonry covered decks, same-floor storage, 2 plus bedrooms, and will offer 2-car heated stalls for each condominium owner. This condominium building will be constructed in the general architectural style and architecture as the other Ledges townhomes. Class, quality, and a sense of pride being associated with The Ledges will earmark this lifestyle. The 21-condominium building will truly be geared to, “I’m shutting the door and heading South for the Winter” type of buyer.

Interested Parties List

Edmunds Company LLP will be marketing the remaining two townhomes along the waters’ edge this Spring and summer, and is also maintaining an “Interested Parties” list for the 21-unit condominium complex and for the balance of townhomes to be constructed.

Townhome and Condominium Terms Described

All of the 46 projected units at The Ledges will be governed under Minnesota Condominium Statutes. The 25 projected townhome-type buildings can best be described as connected homes with its own separate entrance and attached garage. The 21-unit condominium building shares the common roof, has an elevator, a corridor, and heated indoor parking for the 21 condominium owners. Each condominium owner will have parking for two cars. The townhome-type condominiums and the owners in the 21-unit condominium complex own a percentage of the common areas designated as a part of their Association. There will be a separate Association for the 25 townhome-type units and for the 21-unit condominium complex. They will both belong to their respective Homeowners Association and will pay a monthly maintenance fee that will cover the designated maintenance.

Association Documents To Govern

The Association Documents and Purchase Agreement are the definitive answer to any issue or discrepancy between this informational and promotional material.

This Information Supercedes Previous Web Information

Information provided herein as of April 1, 2006 supercedes previous web information and previous promotional materials.