Developers Break Ground On Riverfront Mixed-Use Development In Downtown TC
By Beth Milligan | Sept. 15, 2021
Great Lakes Capital and CRG Residential broke ground Wednesday on a new four-story, mixed-use development along the Boardman River on West Front Street.
West End Lofts, as the project is called, is located at 309 West Front Street next to the recently constructed 4Front Credit Union headquarters. The 91-unit apartment complex will feature over 5,000 square feet of retail space and an onsite parking garage. The developers "worked extensively with the Michigan Economic Development Committee (MEDC), Traverse City Downtown Development Authority (DDA), and Grand Traverse County Brownfield Redevelopment Authority (GTCBRA) over a two-year period to get the site ready for development," according to a DDA release. "The MEDC has supported the project with a $2.9 million low-interest loan. The developers are committed to leasing 14 units to tenants at the 80 percent area median income (AMI) threshold for a minimum of five years."
Developers earlier this year identified that the 80 percent AMI threshold equated to a $45,400 income level for a single-person household, or a rent maximum of $1,135 per month.
Photo credit: Traverse City DDAComment