Illinois real estate developer Joseph Freed & Associates says its three downtown Ann Arbor projects are still moving forward.
On Tuesday, the company closed on its purchase of a less-than-an-acre piece of property at the northeast corner of Washington and Division streets, where it plans to build Citi Centre Lofts. That site, just north of the Google Inc.'s future offices in McKinley Towne Centre, had been owned by Ann Arbor real estate company McKinley.
"We are absolutely 100 percent committed to completing our projects in Ann Arbor,'' said Laith Hermiz, a managing director at Joseph Freed. "We continue to actively look for other opportunities in Ann Arbor.''
In Ann Arbor, aside from Citi Centre Lofts -- a proposed 10-story condominium complex -- Joseph Freed is constructing Ashley Terrace, a 10-story building with nearly 100 residential condominium units, retail and office space at the northwest corner of Huron and Ashley streets.
Joseph Freed also has plans to develop Glen Ann Place, a mixed-used, 10-story project with more than 100 apartments planned for the west side of Glen Avenue between Ann and Catherine streets. That project is stalled as it moves through the state appeal process following a dispute with the Ann Arbor Historic District Commission.
Home builders across Michigan and the nation are being squeezed by the economy and the slowing housing market. In Washtenaw and Livingston counties, the number of permits pulled for new single-family homes through November is down 52 percent compared to the same time in 2005, according to data from the Southeast Michigan Council of Governments.
Shaun Murray, public affairs director for the Home Builders Association of Washtenaw County, said with all the announcements concerning automotive companies like Ford Motor Co. buying out employees this year, it's hard to predict whether the tide will turn in 2007. Washtenaw County is a bright spot in the state, he said, by gaining companies like Google.
"I think right now we are staying consistent - it's not a great market,'' Murray said. "Our major developers are holding on to some property right now. I don't want to say they are inactive, but we are not as bad as the national average.
Contact Stefanie Murray at smurray@annarbornews.com or 734-994-6932 most of this information was copied and edited from her article on MLive.com
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