Thompson Street from East William to East Jefferson will be closed this week on Wednesday and Friday due to construction work on Zaragon Place 2, a new student high-rise development in downtown Ann Arbor.

The road will be closed from 7 a.m. until 10 p.m. both days for concrete placement, according to city records.

The development plans received approval from the Ann Arbor City Council in August 2010. Construction has been ongoing at the site, located at the corner of East William and Thompson streets.

So far, several stories of the building have been erected. The 96,685-square-foot development will rise 14 floors.

This is the second student high-rise in downtown Ann Arbor by Chicago-area developer Rick Perlman of Zaragon Co., following the opening of Zaragon Place on East University in fall 2009.

Retail leasing for the property is also in the works. A listing for the two spaces in the building went up with partners Jim Chaconas and Brendan Cavender of Colliers International in December.

The asking rental rate for the 2,472 square feet in retail space is $42 per square foot per year.

“We’ve had quite a bit of interest in the retail space from both national tenants and some tenants that have more local origins," Cavender said. "We have been working closely with several tenants that we feel would be not only an asset to the building but also a draw to the area."

Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.