The Grand Traverse Town Center in Acme has a new investor– a very well known, well-funded neighbor who’s now a partner in the 180-acre development where the new Meijer store is located.

The Grand Traverse Band of Ottawa & Chippewa Indians’ Economic Development Corporation (EDC) has acquired a partnership interest in the development, The Ticker has learned.

In many ways, the investment is not a surprise; the Grand Traverse Band has long sought to diversify its investments beyond gaming. This deal not only puts their investment dollars into real estate, it also gives them a voice as the massive project located between their Turtle Creek Casino and Grand Traverse Resort & Spa properties takes shape.

The two parties have been in partnership discussions since early 2015.

GT Band EDC Chair David Arroyo, says, “Investing in the Grand Traverse Town Center Development is a natural and strategically important addition to the Band’s business interests along the M-72 corridor.”

Richard Bailey, Chief Executive Officer of the EDC, echoes the sentiments, noting, “We believe the strategic and thoughtful development of this area will enhance the gateway to the Grand Traverse region. Together, we have a remarkable selection of opportunities and experiences, between the Grand Traverse Town Center, the Grand Traverse Resort and Turtle Creek Casino, to draw people to the region and to keep them coming back.”

Bailey adds that the Grand Traverse Band will take an “active role in how it comes to life, providing input on everything from landscaping and feel of the property to the quality and the mix of tenants between retail, professional, and residential.”

Steven Smith, managing member of VGT, the developer of the project since its beginnings fourteen years ago, says he welcomes the partnership.

“The Band has played a tremendous role in reshaping the economic landscape of the Grand Traverse area. Having them be a part of this historic development effort is incredibly advantageous.”

Since its inception in 2001, the Grand Traverse Town Center has triggered much public debate; early on, a citizen group opposed the development, and last September VGT agreed to a Michigan Department of Environmental Quality consent order over water quality violations.

Acme Township Supervisor Jay Zollinger praises the deal.

“I’m glad for the VGT. I think it’s going to be great for them and great for the community. It will bring additional growth and development to that property and that’s what the property was designed for. I’m happy,” he says.

Terms of the deal were not disclosed. A source says the investment represents a “significant minority interest” in the project.

Though the property now features a single tenant -- a Meijer store nearly ready to open its doors -- the 180 acres will eventually include many other retailers, as well as residential and commercial developments.

Grand Traverse County’s first traffic roundabout was recently installed on M-72 adjacent to the development, and a tunnel below now allows pedestrians to walk from the Grand Traverse Resort & Spa on the north side of M-72 to the Grand Traverse Town Center on the south.