The city of Ann Arbor is selling the YMCA property at 350 S. Fifth Ave., known as the Y Lot, to local hotelier and property manager Dennis Dahlmann for $5.25 million.In return, Dahlmann must build a mixed-use development on the site by Jan. 1, 2018, including new apartments, office space and retail.
The 0.82-acre property sits directly south of the Blake Transit Center with frontages on William Street, as well as Fourth and Fifth avenues.
Building requirements include:
Mixed-used building rising at least five stories in the next four years.

• Mixed-used building rising at least five stories in the next four years.
• Retail/restaurant space on the ground floor.
• Large-plate office space on the remaining lower floors.
• Residential apartments on the upper floors, with no apartment having more than three bedrooms.
• The site plan must be based on the best available standards for energy efficiency.
• Parking must be provided on site, with access via an underground connection with the city’s Library lane parking garage.
• Substantial landscaped open space, including the grand fountain.
• The landscaped open space must be at least 10 percent of the property’s total square footage, and the fountain must be equivalent in size to the fountain in front of the Campus Inn on Huron Street.

Click here for the full story