Ann Arbor Walgreens construction to start in 2010 at Jackson and Maple
Agree Realty Corp. said that it plans to complete construction of a free-standing drugstore at the corner of Jackson and Maple roads by fall 2010.
The store - named during the city planning process as a Walgreens - will replace several vacant commercial buildings, including the former Schlotszky's Deli and KFC, near the southeast corner. The site is just north of the West Stadium merger into Maple and east of Westgate Mall.
Agree Realty [NYSE: ADC] appears to have leased the land from the owners of the five buildings. Agree representatives could not be reached this morning.
The plans for the store started in the city approval process in mid-2007, when the property owners and Agree officials sought to have the city vacate an alley behind a small retail center south of the site with frontage on Maple Road.
"They needed to go through the alley vacation process," said city planner Matt Kowalski. "That, in effect, held it up."
The site plans were submitted in June 2008, then approved earlier this year after an easement was created to give the nearby retail tenants access from the back of the Walgreens site to Maple, Collingwood and Abbot streets, Kowalski said. Agree, a Farmington Hills-based real estate investment trust, owns, manages and develops properties that are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers.
According to its most recent public filing, Agree's top three tenants are: • Walgreens - 29.8 percent of its portfolio, representing $10.2 million in base rent. • Borders - 28.9 percent of its portfolio, representing $9.93 million in base rent. • Kmart - 11.2 percent of its portfolio, representing $3.8 million in base rent.
As of this morning, the company's market cap was $198 million. It posted third-quarter revenue of $9.2 million.
"We seek high-quality development opportunities for national tenants that provide strong return on investment as well as reduced development risk," said Joey Agree, President of Agree Realty, in a press release.
"This project should be an excellent addition to our expanding portfolio of net leased properties. We continue to execute on projects that fit within our long-term investment strategy."
Comments
pde@a2
Tue, Mar 2, 2010 : 4:39 p.m.
I think we're all glad to have the business (jobs,tax revenue etc.) but another drug store appears to be too much for this area. My friend and I thought a Wendy's would have been nice for the location since there's not a Wendy's in the near area. However, something is better than nothing and it's entirely possible that a drug store chain was all that wanted the location.
jgold47
Mon, Dec 14, 2009 : 3:10 p.m.
to everyone complaining about another drug store (jobs, tax revenue, etc...) what would you rather see there? We should be thankful that one of the few retailers with the werewithal to open new stores has chosen to do so in a very difficult enviroment.
Kurt Hagemeister
Thu, Nov 19, 2009 : 1:32 p.m.
These drug stores are going up EVERYWHERE these days. It's basically the only type of retail business that IS expanding. There's yet another CVS going up at Zeeb and Jackson road, right down the road. I can't help but think the trend driving this is the projected mass use of prescription drugs by aging baby boomers. There's nothing else they sell that's not sold in many other stores. I've noticed these drug store chains popping up all over in Florida too - no surprise there I guess. Paula: I'd be interested in hearing more background on the business trends nationwide behind this expansion of drug stores.
slug
Wed, Nov 18, 2009 : 7:23 a.m.
There is no possible good reason for another drug store in that area. First, the banks and chinese restaurants came in swarms. Certainly there are other commercial ventures better needed. What is the planning commission thinking??? There will be FIVE Pharmacies on one 'corner' (KMart, Plum, Village, CVS, and now Walmart). Stupid planning.
Arboriginal
Tue, Nov 17, 2009 : 6:56 p.m.
Good luck with this cursed location!
voiceofreason
Tue, Nov 17, 2009 : 6:12 p.m.
It will be nice to see something viable go into that location. Schlotszky's went out of business almost 10 years ago, and the building has been vacant ever since. I don't really think that enough people are coming in and going out of Walgreens at any given time to have much impact on traffic in the area.
treetowncartel
Tue, Nov 17, 2009 : 3:50 p.m.
That pattern of being close to your competion is every where from, car dealerships to fast food. One could say that the consumer benefits from the proximity since the options are so close together.
treetowncartel
Tue, Nov 17, 2009 : 3:24 p.m.
@djm, they are seperate, but they operate in a similar fashion. I was just making a comment about big greedy corporations wanting a piece of the action in Ann Arbor. I am sure Walmart has considered an Ann Arbor store, and there legal staff would blow away any city attorney that tried to prevent them through planniing xcommissions etc. Note that Walgreens is currently under a corporate compliance agreement with the federal government(Health and Human Services) for altering prescriptions of medicaid benficiaries to increase profit. The fine they paid was $35 million, probably a lot less than they stole from the taxpayers of this country.
dading dont delete me bro
Tue, Nov 17, 2009 : 3:16 p.m.
@ john in saline, just give it time..."if one is built, the other will come" oh, wait, not exact quote, but close enough. we have a cvs in south end of ypsilanti township. directly across the street is zoned and approved for a walgreen's. it's been approved for a year or so now.
David
Tue, Nov 17, 2009 : 2:48 p.m.
What are the 5 buildings besides Schlotzky's and KFC?
John of Saline
Tue, Nov 17, 2009 : 2:37 p.m.
"if no one's notices, where you find a walgreen's (or cvs) there's a cvs (or walgreen's) w/in sight" Not in Saline. There is a Dairy Queen across from CVS, though.
Paula Gardner
Tue, Nov 17, 2009 : 1:56 p.m.
I'm happy to change the second paragraph to read "near" the corner as part of the drill-down to the precise location.
Jon Saalberg
Tue, Nov 17, 2009 : 1:51 p.m.
If the property in question is the closed restaurants, that is not the "corner of Maple and Jackson - there is an auto repair store on the corner - the site in question is southeast of the intersection of Jackson and Maple.
Paula Gardner
Tue, Nov 17, 2009 : 1:46 p.m.
Here's a Google map link in case it helps with placing the location. I thought that describing it at the intersection would help most readers with placing it. The building also will be in the center of the property, with access all around, Matt Kowalski reminded me this morning. http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=2355+jackson+48103&sll=37.0625,-95.677068&sspn=37.410045,62.138672&ie=UTF8&hq=&hnear=2355+Jackson+Ave,+Ann+Arbor,+Washtenaw,+Michigan+48103&z=16
djm12652
Tue, Nov 17, 2009 : 1:23 p.m.
when I see the word corner, I envision the corner of Jackson and Stadium/Maple....the proposed site is actually on Jackson Road in the first block east of the intersection. Why not put the actual location rather than the less than informative description printed?
djm12652
Tue, Nov 17, 2009 : 1:17 p.m.
treetowncartel...the article says Walgreen's not Wal-Mart. I thought these were totally different businesses.
nasu
Tue, Nov 17, 2009 : 1:08 p.m.
Oh my.. this intersection is a mess as it is! I cannot imagine why Walgreens would think that this location would be ideal? Like someone else already mentioned, there is Rite Aid across the street, Kroger, Village Pharmacy II, CVS, K-mart and Plum Market.
Paula Gardner
Tue, Nov 17, 2009 : 1:03 p.m.
FYI, here's a story from early this year on Walgreens' layoffs. It mentions how the company's expansion plans are slowing in the coming years. This store started in planning in 2007 (with the alley issue), back when retailers (esp drugstores) were feverishly pursuing "hard corners" in Ann Arbor... http://archives.chicagotribune.com/2009/jan/09/business/chi-fri-walgreen-jan09
Sparky79
Tue, Nov 17, 2009 : 12:21 p.m.
I know what you mean, redeye, but face it, we are one nation under the influence of pills. Take this pill to fix this problem, but it causes another problem, so now you take the first pill plus a second pill, twice a day, oh, look, another problem, lets add another pill to the mix! Sadly that's the path my father is heading down and I'm sure there's many older Americans like him who are facing similar situations. I almost never take any medicine for that very reason. Drug stores are becoming the new Starbucks. I live in the U.P. where we just got our first Walgreens and thought, "Eh, it does nothing for me." But I was wrong. There is one good thing about Walgreens where I live... Jilbert's whole milk is only $1.90/gallon! The next cheapest place is Wal-Mart's cheap-o brand at $3. Wal-Mart also sells Jilbert's whole milk... for $3.80/gallon (talk about price gouging!).
redeye
Tue, Nov 17, 2009 : 12:09 p.m.
The economy is in the tank. Businesses are closing right and left. But new drug stores are popping up everywhere. Does this seem scary to anyone else?
saltedpistachio
Tue, Nov 17, 2009 : 11:33 a.m.
Will it be a 24-hour Walgreens? Rite Aid needs a remodel. The layout is odd -- it's hard to browse in there with the tall, diagonal aisles.
dading dont delete me bro
Tue, Nov 17, 2009 : 11:32 a.m.
if no one's notices, where you find a walgreen's (or cvs) there's a cvs (or walgreen's) w/in sight
TripleVSix
Tue, Nov 17, 2009 : 11:13 a.m.
Wow, that's great! There are no pharmacies around there. Sure, there's Rite-Aid (less than 1000 feet away), Village Pharmacy II, Kroger, K-Mart and CVS, but other than those five stores, all within half a mile, there's absolutely NOTHING around there!
treetowncartel
Tue, Nov 17, 2009 : 11:06 a.m.
Ah, Walmart making a claim to the westside, a foothold for a superstore in the area. I'll bet they are already looking into acquiring property around the former John Lee Oldsmobile dealershp on Washtenaw. They would fit nicely on that platt of land bordered by Washtenaw, Huron Parkway and Platt road.
laurie in ypsi
Tue, Nov 17, 2009 : 10:42 a.m.
yes it is...and I will not be shopping at this store, nothing against WG. There are WAY too many other options to put myself through that aggravation. Geez!
dading dont delete me bro
Tue, Nov 17, 2009 : 10:21 a.m.
that corner isn't busy enough already?!?!?