A Chicago-based developer hopes to build 60 loft condominiums in Ann Arbor’s only multistory warehouse-type structure,the Eaton Corp. building downtown.
Morningside Group President David Strosberg says his company has a sales agreement on the property at 315 S. Main St. on the city’s west side. The property is a challenge, he said, because of its location in a flood plain, but the demand is high for loft housing.
Strosberg would not release details of the contract but said issues still must be resolved before the project moves forward. He expects those to be addressed within six to eight months. Some issues include pollution, zoning and the fact that the building sits in a historical district.
Earlier this year, Eaton Corp. gave developers a July 15 deadline to submit development proposals for the property. A handful of developers expressed interest in the 2.3-acre site, but many backed off because the property is situated in flood areas.
Eaton announced in May that it is moving most the 400 jobs in the building to Mexico and plans to close the building by the second quarter.
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