Can Ypsilanti, Michigan Compete to Become the Next Ann Arbor?

November 30th, 2007 admin Posted in Uncategorized |

Some developers think Ypsilanti is primed for new growth

Armed with a recent $25,000 infusion from the State of Michigan for downtown revitalization, Ypsilanti MI hopes to become the next Ann Arbor. Less expensive real estate options, Ann Arbor’s talent pool, and a major university are the key factors in attracting jobs and new investment to the area. Local developer, Stuart Beal, believes Ypsilanti is ready, according to an excerpt from Crain’s Detroit Business:

Ypsilanti is ripe for investment. He [Beal] was behind the $3.5 million West Michigan Loft Apartments project that saw 20 luxury lofts built in five downtown buildings. "I think there’s far less risk in investing in Ypsilanti than Ann Arbor based on percentage of return on investment,” Beal said. “You can buy real nice property with only $30,000 in Ypsilanti. In Ann Arbor, you need as mu ch as five times that.”

Lofts are the hottest thing to hit Ann Arbor or Ypsilanti. Beal’s latest project is the Thompson Block redevelopment in the Depot Town area. He plans to turn a civil war barracks into 16 loft apartments and 10,000 sqft of commercial space. Depot Town is a perfect example of a working model on commercial district improvements.

Historically an industrial town, Ypsilanti is trying to follow a new economic course despite the loss of automotive industry jobs. Considering the largest employer, Eastern Michigan University, doesn’t pay taxes this is a challenging task. Mill Levies are extraordinarily high because of the lack of tax revenues and carrying costs on the Michigan Avenue land project.

Despite a slow start town planners are energized. Many outside participants have also thrown in their cards to help: The University of Michigan, Ann Arbor Spark, The Eastern Leaders Group, community task forces, as well as outside and local developers. Look for Ypsilanti to become a future player!

Please contact Kathy Toth and Team for more information on available opportunities in Ypsilanti.