Ypsilanti seeks builders, real estate firms, developers to keep Water Street project afloat

The Ypsilanti Water Street development that began in 1999 and fizzled in 2006 is still without a developer.  The town council would like to get the project moving again to avoid loss of state funding for environmental cleanup.  Concern comes on the heels of an unsuccessful bid launch in January.  The council has gotten pro-active and is seeking bids from real estate firms for marketing.  They will also attend a national Brownfield Development seminar in May with the hopes of attracting more development interest.

The 38 acre project was originally proposed to remove old buildings and cleanup former industrial sites in favor of riverside condominiums.  Joseph Freed and Associates was to carry out the project, but backed out in 2006.  Since then the city has re-focused zoning to commercial and residential and has given up pursuing only one developer.  They may pursue a parcel by parcel development solution that begins with commercial development along Michigan Ave.  They stand to lose about $500,000 in grants if work doesn’t begin before September, 2008. 

Council members and City Manager, Ed Koryzno, are hopeful that their renewed drive will drum up interest from several development companies.

Contact Kathy Toth and Team for more information. 

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