The Tierra Place development will receive about $1.5 million in tax credits and grants to move forward with the downtown project.
Ann Arbor-based Tierra Equities LLC plans to build an 8-story, 29,512-square-foot mixed-use building at the corner of West Washington and Ashley streets. The $9.6-million project includes retail, office and residential space.
Tierra Equities will receive a $720,000 brownfield single business tax credit to tear down the old building at 200 Ashley St. and clean up the land. The Ann Arbor Downtown Development Authority is offering a $281,950 grant to help with the project's infrastructure costs. The rest of the $1.5 million comes from captured state and local taxes.
Tierra Place features retail space on the first two floors with enough space for a possible grocery store and cafe. Office space will be reserved for the third, fourth and fifth floors for Project Management Associates. Six luxury condos will be built on the sixth, seventh and eighth floors. A roof pavilion will be built for both residents and office tenants.
An underground parking garage will provide seven spaces. Bike racks will be built in both the garage and the street sidewalks. Wind turbines will also be built on top of the building that will look like smoke stacks to produce energy. A green roof will also be built over approximately half of the roof’s surface.
Source: Michigan Economic Development Corporation
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.