[animatedmartian]

That march of (possible) development spreading north and west of Downtown Ann Arbor.

2 Ann Arbor properties listed for sale as redevelopment opportunity for condos



The owners of two neighboring properties just north of downtown Ann Arbor are looking to capitalize on the growing demand for urban living.

Beal Properties is marketing the sites at 221 Felch St. and 214 W. Kingsley St. for sale as a redevelopment opportunity for apartments or condominiums.

The price tag for the properties: $3.9 million.



“The reason it might be attractive to sell at this time is you’re seeing more of these near downtown or in downtown condo developments,” said Stewart Beal. “My father (Fred Beal) and uncle (George Beal) are of the age where it makes sense to start talking about retirement … one option would be to sell this property.”

Stewart Beal said the properties were listed for sale in 2009, but interest waned as the real estate market crashed. He said his family is not interested in developing the site, but would prefer to sell.

The decision to market the properties for sale again comes shortly after three Ann Arbor developers proposed a 22-unit condo project across Kingsley Street from the Beal Properties. Peter Allen, Mark Berg and Tom Fitzsimmons want to build 121 Kingsley West on the corner of Kingsley and North Ashley — a property once slated for a 46-unit condo project called Kingsley Lane.

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Working with Ann Arbor architect Brad Moore, the Beals have outlined potential redevelopment options for the site:

• Combine the parcels, demolish the existing buildings at 221 Felch St., rezone the property to O Office and construct a new office building of up to 66,000 square feet
  
• Combine the parcels, demolish the existing buildings at 221 Felch St., rezone the property to R4D Multifamily and construct a residential building of up to 96,000 square feet for as many as 51 condos or 75 apartments.

Stewart Beal said the building at 214 W. Kingsley St. could remain, but the purchase of that property is necessary to meet the minimum lot size requirement of 83,000 square feet under the R4D zoning.

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