ANN ARBOR, MI-Ann Arbor's new Lower Town development is beginning to take shape. Demolition began early this month at the site of the 6.4-acre project that will eventually feature a 75,000-sf athletic club, a steak and seafood restaurant as well as a 96-suite hotel.
The property, at Broadway and Maiden Lane, was once a neighborhood retail center anchored by a Kroger store. The Ann Arbor Athletic Club will be an upscale health and exercise facility with a swimming pool and state-of-the-art fitness equipment, says Ken Polsinelli, senior vice president of Ann Arbor-based McKinley, who is lining up tenants for the development.
Adjoining the athletic club will be a 96-suite hotel, says Polsinelli, who is in the final stages of negotiating the lease. He declined to name the hotel. Blake's Chop House and University Bank have also signed on, he adds.
McKinley, a property management and real estate investment firm, is negotiating with a number of other local and national tenants, from eateries to specialty stores. Strathmore Development of East Lansing is developing the property. The project carries an estimated price tag of about $125 million and includes some residential property as well.
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