A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor.
The four-story luxury residential development at Briarwood Mall apartment building will be part of a broader mixed-use development at Briarwood Mall, which Simon owns, that will include grocery store Harvest Market, along with additional retailers and an outdoor activated plaza.
The development was partially funded through Hines U.S. Direct Investments (HUSDI). HUSDI is a private placement program that connects financial professionals and their high-net-worth clients with one-off development opportunities. Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.
“Ann Arbor, renowned as one of the best places to live in the U.S. and home to a world-leading university, presents a highly attractive market for residential investment,” said Brad Soderwall, managing director at Hines.
The project will feature 370 residential units centered around a 325-stall private parking structure, with additional surface parking stalls available onsite. Homes will include studio-, one-, two- and three-bedroom formats and will feature best-in-class finishes.
“It’s an exciting time for Ann Arbor as we break ground on a new luxury residential project at Briarwood Mall,” said Patrick Peterman, Senior Vice President, Mixed-use, at Simon. “This is another great example of Simon’s commitment to transform properties into integrated mixed-use destinations to shop, live and dine.”
Featuring a range of upscale amenities, the property will include two open-air, 13,000-square-foot courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, co-working spaces, and a hospitality-style lobby.
The property will enhance its commitment to being environmentally conscious by incorporating all-electric appliances and installing 20,000 square feet of solar arrays on the roof, which will meet up to 100% of the electrical needs for common areas, including amenities, lobbies, hallways, and the parking garage. The parking areas will also include EV charging stations, and the building is aiming to achieve LEED certification.
