Click for Ann Arbor, Michigan Forecast
Tuesday May 30, 2017
Follow us: facebook twitter RSS feed
Print Comment E-mail

Connecting William Street

 

continued

Even before it closed a decrepit parking structure there in 2006, the city invited developers to submit proposals for the site. It chose a plan for a huge multiuse complex stretching from Washington to Liberty, only to see it fall apart when nearby property owners refused to sell. Then the smaller apartment plan was caught up in the real estate crash. But the city gave the developer more time, and last fall Farmington Hills-based Village Green bought the site for $3.2 million. The building will include 155 rental units and a 244-space parking garage. Once it's done, the city will buy the garage for $9 million, then turn it over to the DDA to operate.

"That asset will generate its own revenue stream" in parking fees, says city CFO Tom Crawford. In addition, he notes, Village Green will pay property taxes. The site "was not on the tax rolls before, and it is now."

The city would like more such happy endings--and fewer disasters like the YMCA lot. The roots of that debacle stretch back to 1989, when the city guaranteed a loan to expand the Y's single-room-occupancy hotel. In exchange, it got first right of refusal to buy the building--which it did when the Y moved out in 2003.

The plan was to continue to operate the 100 small rooms as affordable housing--but then the heating system failed. The city closed the hotel, found other places for the residents, and put out a Request for Proposals (RFP) to redevelop the site. The RFP called for a project that would both repay the city's $3.5 million investment and replace the affordable housing.

Bookmark and Share
previous  ·  1 l 2 l 3 l 4 l 5 l 6 l 7  ·  next page
all on one page
read more stories here -> Marketplace  l  Culture  l  Community  l  News

You might also like:

Bars and Brew Pubs
Ecology
Agave Arrives
In a seamless transition from Sabor Latino
Terry Gallagher
Emergncy Services - Housing Crises
Crime Map
A clickable, zoomable map
Photo: Bandito's is Still Here
Going, Going, Gone!
Do antiques have a future?
Cynthia Furlong Reynolds
Nightspots: Session Room
The Bar Trivia Connection
How the Arena became the Haymaker Public House
Eric Olsen
Subscribe to the Ann Arbor Observer
Grillin' 2017 June 11th, 3-8pm - Ann Arbor MI
Greek Festival June 9-11, 2017
spark ann arbor