Ann Arbor Real Estate on the “Rise”?

Yet another tall apartment building is being proposed in Ann Arbor.  This time, the 14-story apartments would aim to target young professionals versus students.  The Madison would provide 161 units on East Madison Street between South Fourth and Fifth Avenues.  The developers currently have an option to buy the land, which includes seven rentals and an industrial building, from three private owners.  Developer, Jeff Helminski, recently submitted site plans to the City of Ann Arbor.  The project would require a re-zoning to planned unit development (currently multi-family residential and industrial). 

The current plan is to offer 15% of the units as affordable housing units while the other 85% would be rented at market rate prices.  Helminski believes attracting young professionals to the area will ultimately help to reinvigorate the economy.

This new development will likely be discussed at an upcoming work session of the Ann Arbor City Planning Commission open to the public.  It joins a growing list of Ann Arbor mixed use developments ranging from 4 to 25 stories.  Some have been approved (such as the 25-story 601 Forest) and others repeatedly denied.  One thing is certain, Ann Arbor is moving up!

For more information about Ann Arbor real estate, please contact Kathy Toth and Team or use our complimentary online Ann Arbor MLS Search