Wolverine Towers Apartments

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Project Overview

The Wolverine Apartments will be a stand out building in Ann Arbor of 15 stories with over 460 apartment units for a long term operation with LEED certification status concerning efficiency and it is expected to be stabilized within one year of construction completion with pre-leasing of units to a long waiting list for affordable downtown housing for students, college staff, local employed residents and other downtown employees of the many service industries in this growing zip code. The ownership is Scott Flower and other members and it will be owned in the Red Badger, LLC.

Executive Summary

The development team of Robert Storen (construction manager), John Marusich (architect) and PMSI (property management) will work together to develop the 15 story apartment tower with 464 rental units in the heart of downtown Ann Arbor, Michigan. The building will be outfitted with many features to make it energy efficient and trouble free for years using advanced building technologies. The increasing demand for affordable housing due because of the growth of the University of Michigan students, employees and employees from the community seeking new cost effective housing will be lessened by this project. Using advanced contstruction methods the building should be erected in a much shorter time frame to allow occupancy. The location is desirable due to its proximity to the main campus of the University and easy accessible transportation and walking distance to most of the main campus.

Funds Required

$ 152,983,423.00

Draw schedule

First Draw: $ 50,000,000.00
Second Draw: $ 20,000,000.00
Third Draw: $ 20,000,000.00
Fourth Draw: $ 20,000,000.00
Fifth Draw: $ 20,000,000.00
Sixth Draw: $ 22,983,423.00