WEMU News
3:29 pm
Thu July 3, 2014

Ann Arbor Hires Firm To Help Market Library Lot

The city of Ann Arbor is getting some help in selling the Library Lot property above the Library Lane underground parking garage.

Credit a2gov.org

WEMU's Bob Eccles reports.

City Administrator Steve Powers says CBRE is a real estate firm with experience in this sort of transaction.

"CBRE will be helping develop with city staff the engagement plan, that engagement with stakeholders, that will be a key part of the process," says Powers.

The city hasn't settled on a selling price for the  parcel, but turned down a $2.5 million offer from a local hotel operator.  City council has expressed a desire to see mixed-use development on the property.