ANN ARBOR, MI – Hines, the global real estate investment manager, and Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, including Briarwood Mall, have officially broken ground on a Class A, luxury residential community in Ann Arbor, Michigan. The four-story luxury apartment building will be part of a broader mixed-use development at Briarwood Mall that will include premium grocery store Harvest Market, along with additional retailers, and an outdoor activated plaza.
The development was partially funded through Hines U.S. Direct Investments (HUSDI). HUSDI is a private placement program that connects financial professionals and their high-net-worth clients with one-off development opportunities. Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.
“Ann Arbor, renowned as one of the best places to live in the U.S. and home to a world-leading university, presents a highly attractive market for residential investment,” said Brad Soderwall, managing director at Hines. “This project will significantly enhance the market by addressing the shortage of quality housing and will play a crucial role in enriching the community experience within the broader mixed-use environment.”
The project will feature 370 residential units centered around a 325-stall private parking structure, with additional surface parking stalls available onsite. Homes will include studio-, one-, two- and three-bedroom formats and will feature best-in-class finishes including nine-foot ceilings, in-unit washer/dryers, tiled kitchen backsplashes, quartz countertops, smart home technology and stainless-steel appliances, as well as kitchen islands and private balconies in select units.
“It’s an exciting time for Ann Arbor as we break ground on a new luxury residential project at Briarwood Mall,” said Patrick Peterman, Senior Vice President, Mixed-use, at Simon. “This is another great example of Simon’s commitment to transform properties into integrated mixed-use destinations to shop, live and dine.”
Featuring a range of upscale amenities, the property will include two open-air, 13,000-square-foot courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, co-working spaces, and a hospitality-style lobby. The property will enhance its commitment to being environmentally conscious by incorporating all-electric appliances and installing 20,000 square feet of solar arrays on the roof, which will meet up to 100% of the electrical needs for common areas, including amenities, lobbies, hallways, and the parking garage. The parking areas will also include EV charging stations, and the building is aiming to achieve LEED certification.
Recently ranked number one on U.S. News and World Report’s “Best Places to Live for Quality of Life in the U.S. in 2024-2025,” Ann Arbor features a wide variety of arts, cultural amenities, award-winning restaurants and recreation options. It is home to the University of Michigan and the University of Michigan Health System, the foremost hospital in Michigan. Several prominent tech firms, including Google, which has its Michigan headquarters in Ann Arbor, are contributing to technology incubation in the area.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2023.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $627 billion of total assets1 being managed across the company's institutional portfolio as well as retail investment client portfolios, nearly $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 111 on the 2023 FORTUNE 500.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
1 Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.
