|A rendering of Core Space's proposed building by Myefski Architects|
By a vote of 8-3, the Ann Arbor City Council agreed to sell the development rights above the Library Lot to Chicago-based Core Solutions for $10 million. The vote came after a long discussion among the council members. CM Lumm (Ward 2), CM Eaton (Ward 4), and CM Kailasapathy (Ward 1) voted against the resolution; the remainder of the council, and Mayor Taylor, voted in support of the sale.
Core Spaces’ proposal is to build a 17 story building above the Library Lane structure. They will also get a long term lease on 361 parking spaces, for which they will pay 120% of market value. The site plans are not finalized, but they include hotel rooms and market rate rentals as well as workforce housing. $5 million form the sale will go to the city's Affordable Housing Fund.
This will not be the last you hear about the Library Lot. Core Spaces’ final plans will need to pass through the Planning Commission and then they will come back to Ann Arbor City Council for final approval. During the discussion about the proposal, some councilmembers mentioned a 3 year time frame for the completion of the project. So, if all goes according to plan, we may have a new building on the Library Lot sometime in 2020.