ANN ARBOR, MICH. — 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.
Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza.
The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology.
Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure.
The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.
“It’s an exciting time for Ann Arbor as we break ground on a new luxury residential project at Briarwood Mall,” says Patrick Peterman, senior vice president of 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.”
Houston-based Hines is a real estate investment manager. The firm owns and operates $93.2 billion worth of assets across a variety of property types.
Headquartered in Indianapolis, Simon is a real estate investment trust with a focus on shopping, dining, entertainment and mixed-use properties. The firm’s portfolio includes a number of regional malls across the United States.
Simon’s stock price closed at $161.93 per share on Monday, Sept. 9, up from $108.70 a year ago, a nearly 49 percent increase.
—Katie Sloan