(To read more on the multifamily market, click here.)

(Natalie Keith is a contributing writer to GlobeSt.com.)

ANN ARBOR, MI-Chicago-based developer Joseph Freed Homes is hoping to begin construction on a $36-million, 93-unit condominium project in May.

The 10-story development, to be called Ashley Terrace, will be located at the corner of Ashley and Huron in Downtown. Kristine Gosselin, Joseph Freed Homes director of sales and marketing for Michigan, tells GlobeSt.com that the company will begin demolishing an office building on the existing site in April. “It’s really advantageous to be located in Downtown Ann Arbor,” Gosselin says.

The building was designed by locally based Meier Group Architects. Units in the building will range in size from 645 sf for a studio; 850 sf to 1,350 sf for a one-bedroom unit; and 1,200 sf to 1,850 sf for a two-bedroom unit. There will be nine penthouse units ranging in size from 1,200 sf to 2,700 sf. Units will feature hardwood floors, granite countertops and private laundry facilities. Prices for the units range from the mid $200,000s for the studio to $1.2 million for the largest penthouse. More than 50% of the units have already been sold.

The building will also include retail on the ground floor and office space on the second floor. The company anticipates that marketing efforts for the two components will begin when demolition starts, Gosselin says.

Additional Michigan developments by Joseph Freed Homes include Residences of Daisy Square in Plymouth, Main North Lofts in Royal Oak and Monarch Private Residences in Troy.

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