The Watermark Detroit project is one of three condo developments chosen to fill sites along the Detroit Riverfront once occupied by cement companies. The project, previously known as Chene West, was the first to reach a development agreement with the city. Detroit businessman, former Piston, and current Mayor of Detroit Dave Bing said construction of the buildings, which were to house 112 units that included condos and town homes, was expected to be completed by 2009.[needs update] Bing acknowledged that the prices for the condos—which range from $500,000 to $2 million+ -- are out of reach for many Detroiters, a third of whom live below the poverty level. Attracting more affluent residents to the city from close surrounding upscale suburban areas however, was one of his primary goals. The response was positive with nearly 42% already sold during pre-construction.