TRAVERSE CITY, Mich. — The Michigan Strategic Fund has approved investment for a housing development project to support growth and economic recovery.
“As we put Michigan back to work, I’m excited about this new housing investment which will make a huge difference in the lives of Traverse City residents and help small businesses grow,” said Governor Whitmer. "Investments in housing infrastructure are crucial as we build our economy back better from the pandemic. I welcome any funds that will make a difference in the lives of Michiganders.”
The housing development is expected to generate $25.3 million and create 24 full-time jobs. GLC Northern Michigan Pine, LLC will create a residential rental structure with 91 units on W. Front St. accompanied by a 3,000-foot-long boardwalk along the Boardman River.
“The Traverse City Commission has been working hard to promote redevelopment of key areas in our downtown that will provide a mix of housing opportunities for our citizens, not just short-term vacation rentals,” Traverse City Mayor Jim Caruthers said. “With our “hot” investment market and the high cost of construction UpNorth, this has proven challenging for building mixed use housing for our downtown workforce. With the assistance from the MEDC, this will help Traverse City to provide the year-round housing units this community desperately needs.”
“I really appreciate the support for the city of Traverse City, recognizing that downtown projects are good for all Michiganders” said Senator Wayne Schmidt (R-Traverse City).
Traverse City is supporting the project with approval of the local portion of an existing brownfield work plan valued at $243,700 and a Downtown Development Authority contribution of $3.5 million to support the creation of public sidewalk systems, streetscape, front street bridge repair, buried power lines and the long-term creation of a new public parking deck the Michigan Executive Office of the Governor reports.