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Old Posted Jul 8, 2019, 11:15 PM
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DetroitSky DetroitSky is offline
Join Date: Aug 2006
Location: Detroit
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High-rise developer buys property from Michigan Theater for $3M

ANN ARBOR, MI – A major real estate deal to make way for a 19-story high-rise behind the Michigan Theater has been completed.

Bloomfield Hills-based Cerca Trova LLC purchased a 0.24-acre property at 514 E. Washington St. from the Michigan Theater Foundation for about $3 million on June 19, developer Howard Frehsee of Cerca Trova said.

City records list the sale price as $2.9 million. Frehsee said that’s because his company already paid $100,000 for some site cleanup, so he considers it a $3 million deal that “took place in two bites.”

The property includes an old car dealership building that in recent years has housed a camera shop and tattoo parlor, as well as bathrooms and office/storage space for the theater.

Part of the Michigan Theater, 603 E. Liberty St., extends into the back of the Washington Street building, which the nonprofit theater foundation acquired in 1997.

Cerca Trova, along with Chicago developer CA Ventures, is proposing a mixed-use high-rise to replace the old commercial building and a row of four rental houses behind the theater.

Cerca Trova previously acquired the rental houses from separate owners for more than $4 million.

The high-rise development plans include 241 apartments, including 19 dedicated affordable housing units for low-income tenants, plus 6,000 square feet of commercial space.

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