Chateaufort Place Cooperative is a unique living alternative in Detroit’s Lafayette Park. This beautifully designed hidden gem combines a natural setting and contemporary design within a stable, thriving, and diverse community. Here, one can live free from many of its concerns, yet have the pleasure of residential ownership.In its park setting just blocks away from the heart of downtown Detroit, Chateaufort enjoys serenity amidst the backdrop of the city. Its great location puts it within short distance of many of the city’s major highlights.
A cooperative (co-op) is a form of residential ownership. The cooperative property is owned collectively by resident/members and established as a non-profit corporation. When one buys into the cooperative one is sometimes referred to as a shareholder. Rather than owning a single dwelling or unit within a property, as in the case of a condominium, the member owns a share in the entire assets of the cooperative property. This includes land, buildings, and grounds.Ownership in a cooperative gives one exclusive rights to occupy a dwelling (unit) and to participate in the operations of the cooperative. As a member of a cooperative, one pays a monthly fee towards the operation and maintenance of the cooperative property and for services and amenities provided by the cooperative. Co-op members elect a governing board of member/residents that make decisions pertaining to the management and operation of the property. The board utilizes a professional management company to manage the services and necessities of the co-op. Some of the benefits of cooperative living include freedom from many maintenance concerns and the leveraging of costs while maintaining quality housing and standards.