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Developers Propose International Village Project for Water Street Site
Ypsilanti, MI, May 24, 2017: The City of Ypsilanti is pleased to accept a Letter of Intent from International Village LLC to develop the remaining 36-acre Water Street Redevelopment Area with a mixed-use international village. The proposal is for a master-planned development which will include brownfield remediation, infrastructure construction, retail, office, hotel/entertainment, and housing. The acceptance of the Letter of Intent takes the Water Street property off the market until late September while International Village does due diligence on the site.
“Ypsilanti is a lovely, welcoming community that is perfectly located for this concept,” said Amy Xue Foster, principal of International Village LLC, “The city’s diversity and location near the University of Michigan, Eastern Michigan University, and other college and universities, the Center for American Mobility and MCity; and the site’s beautiful setting along the Huron River make Ypsilanti the perfect place to attract and retain foreign investment.”
“We are pleased to work with International Village to bring this development to fruition,” said Beth Ernat, Director of Community and Economic Development for the City of Ypsilanti. “The proposed development is aligned with local and regional goals to increase the City tax base, create jobs, and foster a growth environment that is welcoming to all.”
The international village concept will not only capitalize on foreign direct investment, but will also incorporate many Eastern culture design elements. The commercial portions of the development, planned for along Michigan Avenue, are being designed to incorporate international markets, restaurants, and wares marketed toward both international and domestic visitors.
“This proposal has the potential to ease the financial burden the Water Street Redevelopment has placed on the City’s budget, to improve employment and housing opportunities for Ypsilanti residents, to be sustainable for the community and environment and to offer cultural resources and opportunities many communities of our size lack;” said Amanda M. Edmonds, the City of Ypsilanti Mayor. “We look forward to learning more about what International Village can offer us as their due diligence proceeds.”
The City of Ypsilanti has 20,000 residents, spans 4.5 square miles, and is known for its rich history, Huron River parks, and as the home of Eastern Michigan University. The City’s mission is to work creatively and collaboratively to enhance the natural and built environment so that its population grows and thrives. To keep up with City of Ypsilanti information, subscribe for email updates, and follow us on Twitter or on Facebook.
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