Chicago-based AJ Capital Partners, in coordination with Graduate Hotels, a high-end hotel chain focused on university-anchored markets, has proposed a 15-story, 179-room hotel with office, restaurant, and retail space. The behemoth would land in the center of Ann Arbor, on Fifth Avenue above the Library Lane underground parking garage. The central location of the proposed hotel and conference center, steps away from the U-M campus, would be close to the bus depot and downtown establishments. Existing downtown hotels include Bell Tower Hotel on Thayer Street and Dahlmann Campus Inn on Huron Street. AJ Capital Partners has offered the city $8.5 million for the property.