Zaragon Place gears up for downtown Ann Arbor sequel

Wednesday, April 7, 2010 | Source: Concentrate

The developers behind the original Zaragon Place think it was such a success that it's starting to push a sequel through the city approval process.

Chicago-based Zaragon is proposing to build a 14-story high-rise with 99 rental units and ground-floor retail space. There will also be a fitness center and on-site parking garage. The structure would go up at the southeast corner of William and Thompson streets next to the Cottage Inn Pizza restaurant in downtown Ann Arbor.

That corner was formerly home to a long-time vacant bank branch before Zaragon leveled the 2-story structure. The rest of the intersection is flanked by St. Mary Student Parish Catholic (Jesuit) Church, a small apartment building and the Raja Rani Indian restaurant.

"We think we can get the deal done and we think its the appropriate time," says Rick Perlman, president of Zaragon. "We have the financing."

Zaragon built the original Zaragon Lofts at 619 E University, razing the historic Anberay Apartment building. The new 10-story building features 66 apartments above ground-floor retail space and about 40 underground parking spots, just north of East Quad. It is now fully occupied after less than a year on the market.

Zaragon Place was one the first in a new crop of luxury high-rise living options geared primarily toward students in downtown Ann Arbor. 4Eleven Lofts recently opened at Division and Washington streets. A number of other projects are on the boards, too, including 601 S Forest and the University of Michigan's North Quad at State and Huron streets.

Zaragon will host a preliminary public meeting from 4-6 p.m. Monday in the first floor of the University of Michigan's Union. Plans will be submitted to the city April 26. The developer expects to go before the city Planning Commission on June 15 and City Council on August 15. For information on the project, call Lisa Miner at (312) 867-3840.

"We think our locations will do very well," Perlman says, adding a Zaragon 3 could be in the works soon.

Source: Rick Perlman, president of Zaragon
Writer: Jon Zemke