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CoAA – Library Lot Mixed-Use Development – Michigan - Project Profile

CoAA – Library Lot Mixed-Use Development – Michigan - Project Profile

Synopsis

"CoAA – Library Lot Mixed-Use Development – Michigan - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

The "CoAA – Library Lot Mixed-Use Development – Michigan - Project Profile" is part of Timetric's database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.

Summary

City of Ann Arbor (CoAA) is planning to build a mixed-use complex in Washtenaw County, Michigan, the US.

The project involves the redevelopment of the 711-space, four-story underground parking garage on 3,262m2 of land into a mixed-use complex.

It includes the construction of residential units, retail units, leisure and commercial facilities, parking, and related facilities.

On March 18, 2014, CoAA approved plans to hire a real estate consultant for the sale of the property.

In April 2014, The City of Ann Arbor initially sold the project site to Dennis Dahlmann for $5.25 million.

In July 2014, CBRE Group, Inc. (CBRE) was appointed to market and sell the site.

On February 27, 2015, CBRE, on behalf of CoAA, requested proposals from developers to acquire and develop the surface of the parking lot with June 1, 2015, as the submission date.

On June 4, 2015, CBRE received nine proposals from developers. However, five proposals were shortlisted for further consideration on June 23, 2015.

On August 31, 2015, two development proposals were further shortlisted out of five. The proposals are

(a) Chicago-based Core Spaces proposed to develop a 17-story hotel and residential tower with office and retail. It includes 23,226m2 of residential space on floors 7-17 and 6,689m2 of hotel space (135 rooms) on floors 3-6, 929m2 of public and semi-public space, with the southwest corner of the building set back to accommodate a 325m2 public park, 371m2 second-floor patio, and 232m2 courtyard deck.

The project is expected to cost US$80-US$100 million, including US$50-US$70 million in hard construction costs.

The team includes Myefski Architects, SP Engineering, Midwestern Consulting, Harley Ellis Devereaux, CDC, MKG, First Hospitality Group, and DRW Real Estate/DRW Holdings LLC.

(b) Chicago-based CA Ventures, Bingham Farms-based Hughes Properties, and Bloomfield Hills-based Acquest Realty Advisors proposed plans to develop a 15-story hotel and apartments with retail. It will include 100-120 apartments on floors 7-15, and 143 hotel rooms on floors 2-6, a restaurant or bar/lounge, 233m2 of retail space on the first and second levels, and a public plaza.

The project is expected to cost US$65.4 million, including US$44.2 million in hard construction costs.

The team includes Neumann/Smith Architecture, Rabun Architects, Projects for Public Spaces, and Carl Walker.

On October 23, 2015, Both the developers presented their detailed plans before the city officials, residents and representatives of organizations such as the Downtown Development Authority and the Ann Arbor District Library.

On March 18, 2016, Dahlmann entered into a conditional sales agreement with The Habitat Company LLC.

On June 6, 2016, a group of Ann Arbor citizens presented 5,779 signatures to the City Council in a petition to halt the sale of the city-owned Library lot to a private high-rise developer.

In case the validated signatures reach out to 4616, the Ann Arbor Committee for the Community Commons can put a proposal on the November 2016 ballot to stop the sale of the city-owned Library lot.

On October 26, 2016, Habitat Company LLC terminated the agreement to purchase the property from Dennis Dahlmann.

As of March 2017, the council is expected to be asked to vote on a $10 million deal to sell the Library Lot on Fifth Avenue.

Scope

The project involves the redevelopment of a 711-space, four-story underground parking garage on 3,262m2 of land into a mixed-use complex in Ann Arbor, Michigan, the US.

The US$70 million project includes the following:

1. Construction of residential units

2. Construction of retail units

3. Construction of leisure and commercial facilities

4. Construction of parking facilities

5. Construction of related facilities

Reasons To Buy

  • Gain insight into the project.
  • Monitor the latest project developments.
  • Identify key project contacts.


1.Key Statistics
2.Key Dates
3.Sector
4.Tender Information
5.Scope
6.Description
7.Latest update
8.Background
9.Key Contacts
10.General News, Project News
11.Appendix

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