First development in Ypsilanti's Water Street project: Burger King?
An Indiana company is offering Ypsilanti $400,000 for a half-acre at the corner of Michigan Avenue and Park so that it can build a Burger King.
According to the agenda, City Council will discuss the offer from Bravokilo at tonight's meeting.
The property is on the eastern end of the 38-acres comprising Water Street, which the city assembled about 7 years ago to fulfill its vision of creating a mixed-use residential project on the property, just east of downtown.
The proposal has been a long time coming. City officials worked with at least two developers, then listed the property with CB Richard Ellis to sell portions of it. And during that time, the economy tanked. Lending for local development projects appears non-existent. So are buyers for land to redevelop just about anything.
City officials bonded $13 million to pay for the land acquisition - and payments started in 2009-2010, representing 4 percent of the city's budget, according to city documents.
Meanwhile, Ypsilanti blogger Mark Maynard is reporting his take on the proposal. He writes: "We’ve debated the hell out of it on this site, and kicked around ideas for the past year, but, the sad truth is, we’ve got bills to pay, and Burger King is the only entity out there willing to invest in Ypsilanti."
Read the rest of Maynard's post here.
What else could end up on the site? And who else has been interested? Part of the agenda packet includes some insight into the marketing of the property by CBRE. Here are those specific pages, which indicate, for example, that campus housing may be possible, senior housing has been an option and a new Aldi grocery won't happen soon.