Reinhart Reps Tell Council That Monroe Street Property Is Generating Interest

 12/17/2013 - 17:35
The old Karpenski property on Monroe Street may one day be home to a 10-14 condo development.

The city-owned property on Monroe Street is drawing interest from prospective buyers, Charles Reinhart Company officials told Saline City Council Monday night.

Reinhart representatives Rick Mangan and Darby Kolano reported on the company's efforts to market the 3.61 acre property at 207 Monroe St. The property, once known as the Karpinski property, is listed for $275,000.

Kolano told council told council about three prospective buyers have contacted Reinhart about the property, including one who she and Mangan spoke with Monday.

“This morning we got a call from the mailing we did and we met with another gentleman who is interested,” Kolano said. “We've got a meeting scheduled to talk with (City Manager) Todd (Campbell.”

Mangan told council the property is listed on the MLS systems in Washtenaw, Oakland, Wayne, Livingston and Lenawee counties. He said that Reinhart has sent a two page flyer to builders and remodelers in the greater Ann Arbor area. Kolano said the property was featured and received interest after “Hot Properties” networking event. The company has also used mailings to market the property.

One interest party said he liked the rolling property and its southern exposure, even if he had issues with the odd shape of the property.

“He's an architect. He said, and I quote, 'This is the kind of property that gets my juices flowing,'” Mangan said. “He could probably come up with three or four ideas for the property.”

Kolano said that she, Mangan and the architect envisioned 10 to 14 condos on the property.

Council member Lee Bourgoin said that 10 to 14 units would bring the city about $25,000 a year in tax revenue. Bourgoin said it would be to the city's advantage to accept $20,000 to $30,000 less an acre if it meant shaving two or three years off the development time. Several council members winced as Bourgoin listed the properties defects while making his argument.

Mangan said lowering the asking price is a good thought.

“The data we based the price on is pretty thin,” he said.

Councillor David Rhoads disagreed with the idea of lowering the price.

“In my opinion, this is a marvelous little piece of property. The topography is great with woods on the backside. It's the only build-able piece of property close to our downtown that I know of,” Rhoads said. “I think it's very premature to have any thoughts of lowering the price.”

Kolano said there have been no requests to lower the price.

Rhoads commended the Reinhart representatives for reaching out to builders and aggressively marketing the property.

Tran Longmoore
Tran Longmoore founded The Saline Post on Aug. 15, 2012. Follow him on Twitter at @tranlongmoore. Follow The Saline Post @thesalinepost. Follow The Saline Post on Facebook by clicking here.