Sale of Former YMCA Lot in Ann Arbor Moves Forward
The City of Ann Arbor and the owner of the Campus Inn and Bell Tower Hotel have reached an agreement for the sale of the former YMCA property.
Dennis Dahlmann agreed to all of the conditions required by City Council in addition to his purchase price of $5.25 million for the property at 350 South Fifth Avenue.
Mayor John Hieftje says he's excited to have the sale moving forward and have the land providing income to the city and bring more vitality than a surface parking lot.
The sale is expected to close by the end of the year to meet the city's deadline to payoff an interest only loan on the property. Dahlmann will be required to build a project including ground floor retail, large plate office space, and residential units.