TreeDownTown

Blogging Ann Arbor's Development, Growth & Change

[TreeDownTown @TreeDownTown_A2]

@fredzannarbor Simply by tenant/space. We could run by SF but we had to make a lot of estimates there.

[TreeDownTown @TreeDownTown_A2]

So for three years I worked on an exhaustive analysis of every retail space in the downtown area with the help of a couple interns and consultants (who were amazing!). This data is from 2021 (Y3) but I don't believe it's changed significantly.

[TreeDownTown @TreeDownTown_A2]

@A2parkBot This was a combination of CoStar as the initial set, assessor/building department data to supplement and boots on the street surveying.

[TreeDownTown @TreeDownTown_A2]

@mmacging @annarbornews FWIW, I think Ryan Stanton generally does a great job and we're lucky to have him. There's only so much time and resources available.

[TreeDownTown @TreeDownTown_A2]

471 properties surveyed, 1,158,000 estimated square feet. Five districts, Main, State, Kerrytown, South U and "Midtown" (area between Main and State). 87.5% occupancy in 2021.

[TreeDownTown @TreeDownTown_A2]

Another good one. Overall numbers downtown:
43.7% Food/Bev
1.9% Bank/Finance
3.9% Heath/Wellness/Fitness
8.0% Office
5.8% Salon/Barber
3.6% Service
28.4% Retail Store
4.6% Miscellaneous
(Caveat: data is best of our ability on volunteer basis)

[TreeDownTown @TreeDownTown_A2]

@damnarbor Thanks man. Facts over rhetoric every day of the week.

[TreeDownTown @TreeDownTown_A2]

@DAnalogArsonist Student is furnished and rented by the bedroom. Affordable is mostly 60% AMI, some 50% below, some 80%.

[TreeDownTown @TreeDownTown_A2]

Have been chipping away at some market data on Ann Arbor apartment data. A few tidbits for the A2 MSA:
3,010 Units Under Construction
1,563 Market Rate (51.9%)
353 Student (11.7%)
1,094 Affordable (36.4%)
5.7% increase to total supply

[TreeDownTown @TreeDownTown_A2]

FWIW, at this stage of the cycle, with interest rates and construction costs where they're at, several, if not many of these projects will likely be shelved.

[TreeDownTown @TreeDownTown_A2]

There are another 4,063 units in various stages of planning (not counting UM Dorm project)
2,069 Market (50.9%)
566 Affordable (13.9%)
1,428 Student (35.2%)
This is only projects submitted to the various municipalities. Certainly more in concept right now.

[TreeDownTown @TreeDownTown_A2]

@lisauve_ Just casually working on the two baddest projects in town right now?

[TreeDownTown @TreeDownTown_A2]

My mistake, 75 below-grade parking spaces.

[TreeDownTown @TreeDownTown_A2]

Been a minute but this is too good not to share. Proposed for the old Chase Bank building at Washington & Main. Would be the tallest building in Ann Arbor by roof height. 75 apartments, 200 hotel rooms, 12,000 SF of retail space. Zero parking.

[TreeDownTown @TreeDownTown_A2]

@AaKarenin Under contract to an investor/developer. No word beyond that, fingers crossed though.

[TreeDownTown @TreeDownTown_A2]

In super uninteresting downtown news, the former Bank of America space in the First National Building will be filled by... wait for it... Old National Bank.