Ypsilanti fails in marketing $30 million Water Street property

We have written several times now how the City of Ypsilanti is spending more money and energy getting information out about the City Income Tax and Water Street millage then they are trying to sell Water Street. Well it gets worse. CB Richard Ellis was hired by the City to market and sell Water Street. If you go to the CBRE website and search for 48198, Water Street is nowhere to be found.

They do have an icon on Water Street but the description is for 9 acre industrial site next to Carter Lumber in the Township.

If you search for Ypsilanti and don’t put the zip, code you will find a listing for Water Street but the directions are wrong saying West Michigan rather than East Michigan.

Why hasn’t the city checked on this in the last 2 years? Oh wait we know why, they are more interested chasing grants and spending precious city resources on a Climate Action Plan and writing Planned Unit Development plans for for non-existent Water Street developers then they are in actually trying to sell Water Street.

Or perhaps the reason is because the City never renewed their contract with CBRE in over a year.

Turns out both of these are true.

Not only is there no contract with CBRE, CBRE wants to work out details on how giving away land for the rec center will affect their commission. CBRE apparently even offered to refund $70,000 if city renewed.