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Michigan Economic Development Corporation's (MEDC) recent announcement of a $3 million loan from the Michigan Strategic Fund for the 618 S. Main apartment project underlies the recent trend of high-density housing projects garnering high investment dollars in Ann Arbor.
Two structures on the property will be demolished to make way for a building with 150-170 apartments, a mix of studio and one- and two-bedroom units.
Joe Martin, community revitalization manager at the MEDC, says the Community Revitalization Program loan to 618 South Main, LLC, was approved because, "One, it was taking an existing building and increasing density. The plan was to go a minimum of six stories high...Also, instead of having surface parking, this project is going to utilize an underground parking structure, and it's also going to have other significant green elements."
The developers, 618 South Main, LLC and Ann Arbor Lifestyles, LLC, will seek LEED Silver certification for the project, Martin says. A rain garden, solar panels, low-flow water fixtures, and energy-efficient lighting are incorporated in the design.
The loan comes on top of a $2.8 million tax-increment financing package announced by the MEDC earlier this year. Additionally, the Ann Arbor Downtown Development Authority will provide a $650,000 grant for infrastructure improvements. The project's total capital investment will be in the area of $37 million, according to the MEDC.
A groundbreaking is planned for April or May of 2013, Martin says. After completion, the project is expected to generate six full-time and eight part-time jobs in maintenance, leasing, and general operations.
Source: Joe Martin, MEDC community revitalization manager
Writer: Tanya Muzumdar
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