Village Green Purchase Option OK’d

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At its Aug. 5, 2010 meeting, the Ann Arbor city council approved another extension of a $3 million purchase option agreement with Village Green for the city-owned property at First and Washington. The parcel is currently used as a surface parking lot after demolition of an aging parking structure. Village Green has an approved PUD site plan on the parcel for a development called City Apartments – a combined residential building that includes 156 dwelling units and  244 public parking spaces. The council-approved extension includes a requirement that the closing on the deal take place by June 1, 2011.

This report was filed from city council chambers. A detailed report of the meeting will follow: [link]