A new multifamily housing community broke ground in Traverse City, Michigan on September 15, 2021. Coming from a partnership between Great Lakes Capital and CRG Residential, the mixed-use project named West End Lofts will be four stories housing 91 units, over 5,000 SF of retail space, and an onsite parking garage on the waterfront.
The developers have 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 2-year period to get the site ready for development. The MEDC has supported the project with a $2,900,000 low interest loan. The developers are committed to leasing 14 units to tenants at the 80% AMI threshold for a minimum of 5 years. Centier Bank is the lender on the project.