The light is green, but building construction will only begin in Ann Arbor when the green starts flowing again.
Excerpt:
Financing is the next step for the Ann Arbor City Apartments, a new apartment project approved by the City Council this month.
The building, at the corner of Washington and First streets, will consist of seven stories with 156 residential units built and operated by Farmington Hills-based Village Green Companies above a four-story parking structure financed and run by the Ann Arbor Downtown Development Authority.
Village Green's director of public relations Andrea Roebker said the company has contacted a few banks regarding prospective loans.
"With the financial market status right now, there is a delay in granting loans, but as soon as the banks make the loans, we will be ready to go," she said.
Read the rest of the story here and how Ann Arbor is going for $60 million in bonds here.
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