309 West Front Street, Traverse City, Michigan, USA
Great Lakes Capital is building a mixed-use development consisting of 91 units, 5,000 SF of commercial service space, and 87 below-grade parking spaces. GLC worked with the city, MEDC, and EGLE for nearly two years to get the site fully entitled and ready for development. The market-rate project will include 14 units at 80% AMI for a period of five years. The $26mm project is expected to be completed in December of 2022.
- A+ location, in the heart of downtown Traverse City
- Vibrant downtown with several commercial service shops and restaurants
- Lack of any new supply in the market
- Strong demand for new market-rate units from leading employers like 4Front Credit Union, Hagerty Insurance, and Munson Healthcare
- The only other completed market-rate multi-family development is 100% occupied
- Strong support from the Downtown Development Authority
- Excellent incentives with Brownfield TIF and tax credit incentives in place
- Site plan approved by TC site plan committee on April 13th, 2020
- GLC/CRG are planning an additional 80 units across the street on 124 Front
Projected timeline—loan closing December 2020 and complete construction by April 2022.