Ann Arbor Receives 5 Bids on Old Y Lot
The city of Ann Arbor has received five bids for the purchase of the old YMCA lot on William Street, between Fifth and Fourth avenues in downtown Ann Arbor:
- Smart Hotels Opus Development: $5.2 million. Contingencies include: off-site parking in Library Lane and 4th and William public parking structures; and 700% floor area ratio (FAR) [(1) apartment – at least 130 market-rate units; (2) hotel – at least 120 guest rooms; (3) retail]. The offer expires if the city doesn’t indicate the terms are acceptable within 10 business days after receipt of the Oct. 18 letter (Nov. 1). [.pdf of Smart Hotels Opus Development offer 10.18.13]
- Hughes Acquisition: $5.2 million. The approach would be to agree to purchase, pending approval of … [Full Story]