Retail report: First tenants moving into Platt Retail Center near Packard Road
Laura Blodgett | For AnnArbor.com
A new driving school has moved into the Platt Retail Center, located at 3100 Platt Road next to the Rite Aid at the corner of Platt and Packard.
This will be the second location of the Ann Arbor Driving School, owned by Nahil Bilbeisi, who also owns the retail center. It will join the Subway that is set to open as soon as modifications currently underway are completed by the retail center to meet building code.
This marks the first sign of progress on the plaza since it was completed in 2008.
“It has been slow to fill, as it was built right when the market started to fall,” says Jim Chaconas of Colliers, who represents the building.
“Once Subway opens it will do very well because Subway draws traffic. It’s a very nice looking little center.”
Chaconas says that has become a high traffic area as people who want to go east-west divert down Platt to take Packard instead of Washtenaw.
“And the traffic count is higher over here on Packard than it is by Fraser’s Pub, which is why Subway chose this location.”
Three of the five retail spaces are still available, currently priced at $14 per square foot. The driving school will open in the spring when the weather is more conducive for driver training.
The center joined the Rite Aid as new development at the corner in recent years. Other retail changes near the intersection include the Galleria Market, which opened in May, and the move of Bombay Grocers into the former Fantasy Attic space.
The owner of the closed gas station on the northeast corner also plans renovations to the building and expects to reopen this spring. The owner of the Citgo station northwest of the intersection has applied to expand that station, too.
In other real estate news, the Rite Aid at Platt and Packard recently was listed for sale as an investment property. Listings show the asking price is $4.7 million for the building, which is leased to the drug store chain through 2028.