Student Housing Development Opportunity. ABILITY TO BUILD UP TO 55,000 Square Feet. GROUND LEASE DEAL PRICED AT MARKET RETAIL RENT. 100–150 BED POTENTIAL PROJECT. Free & Clear of Existing Financing. PRIMARY RETAIL CORRIDOR.
This site presents the rare opportunity to acquire a ground lease interest in a development site just one block from the University of Michigan in Ann Arbor. The site is just under 8,000 square feet but has D1 zoning allowing for floor area up to 900% with premiums and a height limit of 180 feet. The project could likely house up to 150 beds and 6,000-7,000 square feet of retail space. Asking retail rents in the corridor are $45-$55 per square foot NNN. Student apartment rental rates in the immediate area are $1,965 to $2,205 for a One Bedroom, $1,290 to $1,640 per bed for a Two Bedroom.
Asking ground lease terms are $65.10 per square foot for a 50 year term.
This site is co-listed with Jim Chaconas of Colliers International