The $1 price is what draws everyone in, but it's the delivery fee that will get them.
Just a single buck is the cost for any of the seven historic houses on the 400 block of South Fifth Avenue. That's it. Lay down a dollar and you can own a restorationist's dream within easy walking distance of arguably Michigan's most vibrant downtown.
The catch is it can't stay there.
Whoever buys any of the 100-plus-year-old Victorians must pay to move it off the property by May of 2009. It's a process that easily costs $20,000 and quickly increases the farther the structure needs to travel. But go they will, to make room for the City Place development.
"If somebody is interested in keeping an old home alive they're available," says Alex de Parry, Alex de Parry, president of Ann Arbor Builders.
But not for long, because the developer plans to raze the rental houses if no one steps up and takes them. However, before they meet the wrecking ball the plan is to recycle as much of the homes as possible and even incorporate come of the parts into the new development.
City Place calls for 90 brownstone-style condos with a couple of big-ticket environmentally friendly features. Ninety-eight parking spaces will be built beneath the development, maximizing space and creating at least one parking space per unit.
Along with other efficiencies, a geothermal system will heat and cool the building. Geothermal is considered environmentally friendly because it uses the constant temperature of the earth from a system of deep pipes to maintain a constant, comfortable temperature. Although the upfront costs are expensive, geothermal is cheaper over the long run than traditional furnaces or air conditioners.
"We're trying to utilize all of the technologies available to make it as energy efficient as possible," de Parry says. "We'll use less energy to heat this building than is used to heat the others."
The units range in size from 750 to 1,500 square feet with either one, two or three bedrooms. Some have balconies and terraces. The homes will be leased out as rentals to professionals working downtown or at the University of Michigan or people who want to live in a dense urban area.
Source: Alex de Parry, president of Ann Arbor Builders
Writer: Jon Zemke
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