Courthouse Square Apartments is located at 100 S. Fourth Ave, Ann Arbor MI. 734-995-5511 It has 116 units and rents to income-eligible residents aged 55 and over.
A group of investors with ties to Wickfield Properties purchased the building in December 2013 from First Centrum, the previous management company.
History
The 11-story building now known as Courthouse Square Apartments originally opened as a 202-room Sheraton hotel franchise in February 1968. It remained open until June 1970 when it was closed as a result of a ruling in the U.S. District Court's Bankruptcy Division. In February of 1970, it was purchased for $2.2 million by the Detroit Bank and Trust Co. at a foreclosure sale held by the county sheriff and eventually reopened as a Ramada Inn franchise in May 1972.
From the 1970s until it closed in January 1990, it was known as the Ann Arbor Inn. Old news stories document a fire at the Ann Arbor Inn in 1975.
The city took ownership in the 1990s through tax foreclosure and then solicited proposals for the building from developers. The City Council eventually voted to sell the building to Virginia-based First Centrum, which used low-income housing tax credits to convert the building to apartments for residents 55 and over and earning at or below 60 percent of the area median income in 1995. First Centrum later started accepting Section 8 housing vouchers for some units. The company was required to own the building for 15 years under the tax-credit agreement that ended in 2010.
The current building was built on the site of the former Allenel Hotel.
Timeline: Courthouse Square Apartments
November 24, 2015. Improvements under way at senior high-rise as Ann Arbor identifies code violations. Ann Arbor News. "Ann Arbor-based Wickfield Properties has been busy making improvements to Courthouse Square Apartments since taking over management of the 11-story, 116-unit downtown building nearly two years ago, says President Brad Hayosh."
http://www.mlive.com/business/ann-arbor/index.ssf/2014/05/real_estate_beat_future_of_per.html
