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Governor Whitmer Announces Funding to Expand Housing in Traverse City


May 25, 2021   



Governor Whitmer Announces Funding to Expand Housing in Traverse City 


LANSING, Mich. -- Governor Gretchen Whitmer today announced the Michigan Strategic Fund has approved investment for a housing development project to support growth and economic recovery. The project is expected to generate a total capital investment of $25.3 million, create 24 full-time equivalent jobsand bring much-needed housing to critical neighborhoods in Traverse City.  


"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."  


GLC Northern Michigan Pine, LLC plans to construct a four-story, mixed-use development in Traverse City that will consist of up to 91 units of mixed-income residential rental housing and underground parking, with commercial space on the first floor. Located at 309 W. Front St. in downtown, the project will also include more than 3,000 feet of new public boardwalk along the Boardman River that will provide a visual as well as public connection to the existing waterfront access along the 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." 


The project is expected to generate a total capital investment of $25.3 million and create 24 full-time equivalent jobs, resulting in a $2.9 million MCRP loan participation. The project will bring to life a long-vacant piece of property in Traverse City, serving as a cornerstone to West Front St. and providing a much-needed housing option in downtown to both retain and attract talent. The project will also further enhance a sense of place in Traverse City, and by bringing new residents to the downtown, will support existing businesses and drive new economic activity in the area. 


"I really appreciate the support for the city of Traverse City, recognizing that downtown projects are good for all Michiganders." 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 city of Traverse City is certified with MEDC's RRC program.