Yesterday's Post highlighted the fact that Brenan Hospitality Management Group has decided to invest in the Ann Arbor real estate market with a new condo/ hotel development in downtown Ann Arbor.
On the heels of that news is another ray of sunshine in the fog of the daily negative news about the areas real estate market. This article in today's Ann Arbor News reports that the long delayed Lower Town redevelopment project is now moving forward.
According to the story, Strathmore Development of East Lansing is ready to begin the clean up of the area of this project, which was announced in 1999.
The proposed 6.4-acre development includes 186 residential rental units, office and retail space, a parking structure and an environmental cleanup of a blighted area that was contaminated by perchloroethylene from a dry cleaning business. It is located at the site of the long-vacant Kroger store and other businesses at Broadway and Maiden Lane. The project was first proposed in 1999.
With these two nuggets of good news, it begs the question: If these two, out of town developers see potential and are investing heavily in the Ann Arbor market, is this not an indicator of the overall viability of the Ann Arbor Real Estate Market?