Another new condo development is headed for downtown Traverse City, this one promising bay views from each of its planned 15 units.

The development is planned for 537 Bay Street where the former TBA Credit Union branch sits (TBA moved to a new location on East Front Street). The existing building will be demolished to make way for two new, four-story connected condominium buildings, says Doug Mansfield of Mansfield & Associates, representing 537 Bay Street LLC, the property’s buyer and developer. Demolition will begin in early spring with construction to follow.

The property had been slated for a three-story development by The Harper Companies, but Terry and Amy Harper could not get their initial plans approved for the site.

The new developer plans a “use by right” consistent with current zoning ordinances, thus avoiding the need for planning commission approvals.

The project will consist of two buildings of approximately 13,500 square feet each. One building will have seven condos, and the other eight; both will have an elevator. Each unit will have a balcony and view of West Grand Traverse Bay. Individual units will range in size from 1150-1800 square feet each; two units can be combined for an even larger condo. Some of the units will have covered parking; others will utilize a surface lot. Mansfield says price points have not yet been finalized.

The planned project comes on the heels of several new and proposed downtown residential and mixed use developments, including Washington Place, Ivy Terrace and Old Town Corner, Uptown, and others in the planning stages.

The sale/purchase of the TBA Credit Union property was handled by Tom Krause of Krause Realty Solutions.