Ashley Terrace foreclosure shifts ownership of Ann Arbor high-rise to lender Bank of America
Ann Arbor News file photo
The bank started foreclosure proceedings on the property, 111 N. Ashley, in May, then took control of the building in mid-January after it was awarded ownership following the foreclosure redemption period.
The property is now managed by Broder & Sachse, a Birmingham-based real estate company that also owns and manages One North Main one block east from Ashley Terrace in downtown Ann Arbor.
Ashley Terrace includes 99 condos, 10,000 square feet of street-level retail space and 16,500 square feet of offices, including a Flagstar Banking Center. There's also underground parking.
The foreclosure — which topped $20 million, including fees, as of the initial filing — included 28 unsold condos.
"We're getting a lot of calls as far as rentals of condos," said Larry Shaevsky, property manager of Broder & Sachse.
The rentals will continue he said, and eventually they're likely to be sold. The company has set up a website to market the properties.
The retail and office space also will be re-listed for lease, Shaevsky said, with pricing still undetermined.
Ashley Terrace was built in 2006 by Chicago-based Freed, the first high-rise to take shape in downtown Ann Arbor as multiple developers sought to capitalize on the city's vitality and proximity to the University of Michigan with residential density.
Eventually, nearly 2,000 housing units were in various stages of planning and construction before the economy stalled.
Freed was one of the original redevelopers of Arborland, which it sold for $102 million in 2005.
However, it sold its other Ann Arbor high-rise, 4 Eleven Lofts, in late 2010, and its Glen Ann Place property faces a March 31 late tax payment deadline or it could be sold at auction this summer. The total due as of today was $54,116.