The City of Ann Arbor has multiple offers to purchase Kline's Lot or 415 West Washington. The city is seeking to develop the parcels for affordable and workforce housing.
The City Council contracted with real estate company CBRE in February to find potential buyers for the lots to build the housing developments.
Midwest Regional Manager Anne Rahm says they sent out over 33,000 email feelers to principals.
“We were very, very pleased with the results. We received nine offers on Kline’s and we received five offers on 415 West Washington. Those are very strong numbers considering the capital market’s environment that’s going on right now.”
Four of the Kline’s offers made the cut. They range from $12 to over $17 million and would build between 270 and 550 housing units and retail space.
The West Washington proposals are from $1 to 2 million and require 157 dwellings. Three are under consideration.
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