Guenther Homes has put 147 W. Michigan Avenue on the market.
The Ann Arbor-based developer purchased the vacant in downtown Saline for $100,000 in an online auction in May of 2017. The property, which is actually four separate lots, is now listed on the market for $3.9 million.
When Guenther Homes purchased the property in 2017, the company spoke of building four stories of residential housing.
Brian Brickley, managing broker for Guenther Homes, said the company hasn't given up on developing the property.
"We don't have any plans or concepts for the property. We're just deciding what to do with it," Brickley said. "We've been getting calls on the property, so we thought we'd put it out there."
Brickley said the company could decide against selling the property and develop it - but that might take time. He pointed to the Jeffords condo project in Dexter as an example of what could happen in Saline. But, if it happens, it may take time.
"It takes a long time to develop plans, financing and build something like that. It could take 3, 5 or 10 years," Brickley said.
City of Saline Mayor Brian Marl, reached Thursday afternoon, said he's eager to work with Guenther Homes - or whomever purchases the property - to develop the property.
"Ideally, I'd like to see office and retail on the first floor and residential above, like we saw in the original Concannon development," Marl said. "We'd like to diversify our housing stock, create some jobs and create new revenue streams to support vital city services."
Marl said he was already planning to make developing a property a priority for 2020. He plans on communicating with Guenther Homes in the coming days.
The empty lot at the corner of Michigan Avenue and Lewis Street comprises four parcels, including 147, 159 and 185 W. Michigan Ave., and 104 W. Henry St. Most of the property was once home to Steeb Dodge.
Michael Concannon acquired the property to build Village Marketplace & Lofts, which was to include retail space, 30 residences and underground parking. Concannon lost financing for the project as the economy soured and the project stalled.
According to city records, Concannon paid $1.7 million for the four parcels that Guenther Homes bought for $100,000.
In other commercial real estate news, the Junga Ace Hardware space in The Oaks Shopping Plaza is now listed as for lease. According to the listing, the property will be available for lease starting in January of 2021. Junga was expected to open his new hardware store sometime in 2020 next to the hotel that's under construction.
Rent is 10,525-square-foot space is about $11,400 per month. Other tenants in the plaza include Powerhouse Gym, Probility Physical Therapy, Matty J's Bakery, and Jensen Pharmacy.