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Old Posted Apr 3, 2014, 8:10 PM
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Quote:
City completes $5.25M sale of property in downtown Ann Arbor for new development

By Ryan Stanton. April 03, 2014.



The city of Ann Arbor has successfully completed the $5.25 million sale of the former YMCA property on Fifth Avenue to local developer Dennis Dahlmann, paving the way for a new mixed-use development in the heart of downtown.

The city closed on what brokers from Colliers International Ann Arbor are calling a "landmark sale" on Wednesday afternoon.

Jim Chaconas and Brendan Cavender of Colliers International represented the city in the sale and will get a 6 percent cut, which works out to $315,000.

City Administrator Steve Powers said the city officially netted $4,929,450 from the sale after closing costs.

Under terms agreed upon by both Dahlmann and the city, Dahlmann must construct a building rising at least five stories by Jan. 1, 2018.

The project must include retail/restaurant space on the ground floor, large-plate office space on the remaining lower floors, and residential apartments on the upper floors, with no apartment having more than three bedrooms.

The project also must include a substantial landscaped open space, including the grand fountain Dahlmann has described in plans.

....

With the Y Lot sold, the city is turning its attention to the Library Lot, the surface parking lot above the Library Lane underground parking garage.

The City Council has provided direction to the city administrator to hire a broker to list the Library Lot, which sits across Fifth Avenue from the Y Lot, while reserving a portion of the property for a future downtown park.

"An RFP is being prepared," Powers said on Thursday. "We're incorporating the direction from council regarding the public space and the engagement with the community into an RFP for brokerage services. The selection of a broker will be a competitive selection based upon proposals submitted."
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