Downtown Ann Arbor projects stack up on shelf

Ann Arbor may be generating a lot of buzz with its big downtown developments on the boards, but don't expect them to all go into the ground at once.

Excerpt:

The shelf for downtown Ann Arbor projects is started to get a little crowded. You might have noticed a bit of controversy surrounding a number of projects slated for downtown in recent years. However, most of those have yet to materialize.

Seven major projects have been approved but have yet to break ground in the downtown Ann Arbor area. Another two are going through the approval process and the city has issued request for proposals for two of its downtown-area parcels.

Common sense would seem to dictate that there might be a flood of projects as soon as the economy recovers. However, don't expect to start seeing shovels go into the ground all at once (or any time soon) as banks and the rest of the financial industry continue to lick their wounds from the housing and mortgage meltdowns.

"The banks were all very burned by real estate," says Stewart Beal, an Ypsilanti-based developer and owner of Beal Properties. "They will be looking for other projects to finance before real estate."

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Architecture, Downtown Living, Finance, Redevelopment

Downtown Ann Arbor projects stack up on shelf

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