$10 million in New Markets Tax Credits will support a 25,000-square-foot mixed-use development bringing affordable housing and new commercial amenities to downtown Battle Creek.
FOR IMMEDIATE RELEASE
June 24, 2026
LANSING, Mich. – Michigan Community Capital (MCC) is proud to invest in the revitalization of a long-vacant building in downtown Battle Creek, Michigan, by supporting the development of Bean Tower, a 25,000-square-foot mixed-use project at 99 West Michigan Avenue. MCC is providing $10 million in federal New Markets Tax Credits (NMTC) allocation to support the project, which will transform a functionally obsolete, nearly 20-year-vacant structure into vibrant housing and commercial space serving one of the city’s most distressed communities.
Project Highlights:
- 10,000 square feet of vacant space into 25,000 square feet of occupied space
- 10 new affordable residential units, all at or below 80% of Area Median Income
- New commercial space including a fine dining restaurant and entertainment game room
- New rooftop event venue
- Approximately 17 permanent FTE jobs requiring less than a four-year degree
- Located in a “Severely Distressed” census tract with a 37.3% poverty rate and 12.1% unemployment
The Bean Tower project is led by Percy and Carla Bean—Battle Creek-area entrepreneurs with more than 30 years of real estate and franchise business experience. After Battle Creek Unlimited, the city’s economic development organization, identified the Beans as the preferred group to rehabilitate the long-vacant site, it sold the building to them for $1 to facilitate its reactivation. The completed development will feature 10 affordable residential apartments on the upper floors, a basement-level entertainment venue (game room), a first-floor fine dining Creole restaurant (Solace), and a rooftop event space—filling a significant gap in the city’s event venue landscape.
“We have deep roots in Battle Creek and have dreamed of contributing to its revitalization for years,” said Percy and Carla Bean, Co-Owners, of Bean Tower. “With the support of Michigan Community Capital and our incredible partners, we are turning that dream into a reality—bringing quality housing, a restaurant with great food, a game room for entertainment, and a rooftop event center to the gateway of our hometown.”
The project is in a qualified “severely distressed” census tract with a median family income at just 45% of the Area Median Income, a poverty rate of 37.3%, and an unemployment rate more than twice the national average.
“Bean Tower is exactly the kind of transformative, community-driven project that New Markets Tax Credits were created to support,” said Liz Alexandrian, vice president of lending, Michigan Community Capital. “This investment will help bring new life to a building that has been vacant for nearly two decades, while delivering affordable housing and economic opportunity to a community that needs it most. We are proud to partner with Percy and Carla Bean and the City of Battle Creek on this important project.”
The development’s 10 residential units—seven one-bedroom and three two-bedroom apartments—will all be affordable at or below 80% of the Area Median Income, helping to address what the Battle Creek Housing Action Plan identifies as an 800-unit shortage for rentals in that affordability range. On the commercial side, the project is expected to support approximately 17 full-time equivalent positions in accessible roles that do not require a four-year degree.
Dudley Ventures is serving as the NMTC investor on the project.
“This project reflects our focus on investing where strong sponsorship and clear community need intersect,” said Troy McClelland, vice president of tax credits at Dudley Ventures. “Bean Tower is a compelling example of how strategic investment can support meaningful, locally driven revitalization. With experienced local developers aligned to the needs of the community, the project will deliver tangible benefits through both affordable housing and thoughtfully integrated commercial space in a severely distressed area.”
Bean Tower is also directly aligned with the Battle Creek Unlimited 2030 Strategic Plan, which identifies the project site as a key target for reinvestment within the downtown social district. The project has earned broad community support, including from Battle Creek Brownfield Redevelopment Authority and State Representative Steve Frisbie.
United Federal Credit Union is serving as the source lender in the deal.
“United Federal Credit Union is proud to play an ongoing role in the revitalization of downtown Battle Creek, an effort that continues to build momentum and strengthen the community,” said UFCU Business Loan Officer, Joshua Pratt. Since opening our branch in The Milton in 2024, we’ve been committed to investing in the city’s future, including our involvement in the renovation of the DoubleTree by Hilton. This latest project is another exciting step forward, and we’re thrilled to collaborate with these community partners to help reimagine and restore spaces that bring new energy, opportunity, and connection to downtown Battle Creek.”
Additional project partners include:
- Michigan Economic Development Corporation (MEDC), providing a $2,900,000 Revitalization and Placemaking (RAP) grant
- Battle Creek Brownfield Redevelopment Authority, financing partner
- United Federal Credit Union, senior lender
- Battle Creek Unlimited, economic development facilitator and catalyst for the project’s launch
The project is expected to be completed in late 2027.
About Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities, and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: real estate development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Entity (CDE) and its affiliate, Magnet Lending Corporation, is a certified Community Development Financial Institution (CDFI). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, helped to create over 1,600 housing units, and facilitated the creation and/or retention of over 7,000 high-quality, accessible jobs. michigancommunitycapital.org
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Contact:
media@miccap.org