On the Ann Arbor development scene, developer Mike Concannon is taking his Gallery project one slow step at a time.  He recently announced that he will start with a four-story building on Fourth Avenue instead of the larger Main Street building.  The Fourth Avenue building will house 18 residential units and ground floor retail.  The project will house 123 condos and rental lofts in total including office, retail and 200 underground parking spaces. 

Concannon originally planned to start with the larger building but decided to wait for the economy to revitalize.  For now, he plans to raise the former Greek Orthodox Church and use it as a temporary parking lot for construction workers.

Concannon’s Fourth Avenue building will be marketed as luxury Ann Arbor lofts.  The next phase will hopefully take place when the housing market begins to bounce back.

Joseph Freed Associates 4 Eleven Lofts project is on schedule to be completed in May of 09.  Marketing and leasing are ahead of schedule and finding tenants hasn’t been a problem.  The struggling economy doesn’t seem to be having much of an effect on college kids.  4 Eleven Lofts is conveniently located next to campus.  The project has 342 beds and 15,000 sqft of ground floor retail space.

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 Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty

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