Tuesday, November 19, 2013

How much is a monopoly on downtown Ann Arbor hotels worth?

If you guessed $5.25 million, you are correct.

OK, maybe that's a little too cynical. The City Council approved sale of the Y-Lot (surface lot between 4th Ave and 5th Ave on William) to Dennis Dahlmann last night for $5.25 million. Dahalman owns the Bell Tower Hotel and Campus Inn. The terms of the sale call for a building with 400% FAR, a ground floor that is mixed use, several floors of office and a top floor of residential.

This article was updated to reflect the fact that the sales contract requires a FAR of at least 400%, not 900% as we had previously stated.

1 comment:

  1. I guess the Campus Inn and Bell Tower would be like Boardwalk and Park Place...so $2000?