- 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.
University of Michigan
- In the fall of 2016, the University of Michigan welcomed a school-record 6,689 first year students on campus. Total enrollment also peaked at 44,718 and there were in excess of 5,000 more students attending the historic and picturesque Ann Arbor campus than there were in the fall of
- Two-thirds of U of M’s students graduated in the top 10% of their high school class, while almost half were in the top 5%. U of M is the largest pre-med and pre-law university in the country - more Michigan students are accepted into U.S. medical schools than are students from any other undergraduate campus in the nation.
- Highly distinguished in dozens of areas of study, U of M has an endowment of over $10 billion and an annual operating budget of over $7 billion, giving it the third largest endowment of public universities in the U.S.
- The University of Michigan athletics teams, known as the Wolverines, have an expansive and enthusiastic fan-base. Michigan Stadium - colloquially
known as the Big House - has a capacity of 107,601, making it the largest sports stadium in the U.S. and the second largest in the world. The Wolverine’s Men’s Football program competes in the Big 10 and has more wins than any other collegiate football program in the country.