Author: Michigan Community Capital

Building Broadway Lofts


For Lease – Broadway Lofts Suite B

Starting at $1,900/month

  • 1,250 square feet
  • 14-foot ceilings
  • Designated parking for tenant 
  • New construction 
  • High traffic, ground level 
  • Rough-in HVAC, plumbing, drywall and slab floor is already complete
  • Finished drywall is ready for paint
  • Tenant Improvement allowance or build to suit negotiable
  • Available for immediate occupancy

Suite B enjoys an entrance from the rear parking lot and a front entrance along the Broadway Street sidewalk for foot traffic. Large windows and glass doors offer an abundance of natural light.

The energy-efficient building is constructed of highly-durable steel and brick, and is located at 410 W. Broadway Street next to Mt. Pleasant City Hall and area park systems. Above the first floor are three floors with 48 modern lofts. GreenTree Coop Market is the neighboring commercial tenant on the ground-level, so delicious fresh food is only steps away. 

Contact

Marilyn Crowley
Vice President of Investment
Michigan Community Capital
(517) 334-0967
marilyn@miccap.org

MAC Trailer Enterprises Expands Manufacturing into Mt. Pleasant Facility

Michigan Community Capital supports MAC Trailer Enterprises expansion with $7 million in New Markets Tax Credit allocations

FOR IMMEDIATE RELEASE
April 1, 2022

LANSING, Mich. – MAC Trailer Enterprises (MAC Trailer) is expanding its manufacturing capabilities in Mt. Pleasant, Michigan with the support of $7 million in New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC). The expansion includes the purchase of a 105,000-square-foot manufacturing facility located at 1799 Gover Parkway in Mt. Pleasant as well as new equipment anticipated to increase production by more than three times the current capacity.

MAC Trailer Enterprises was started in 1992 by Michael Conny. Over the past 30 years the MAC Trailer family of companies has grown into one of the largest custom trailer builders in North America. In 2013, MAC Trailer started manufacturing liquid tank trailers under the name MAC LTT, Inc. In 2020, MAC LTT Stainless Division was started to meet the demand to produce a product of stainless liquid tank trailers, and this subsidiary will operate in the new facility.

“MAC LTT Stainless Division, a subsidiary of MAC Trailer, is focused on healthy growth in our Mt. Pleasant operation,” said Jim Maiorana, president of the MAC LTT Stainless Division, Inc. “We are eager to expand employment opportunities in Michigan with this project made possible with support from Michigan Community Capital, PNC Real Estate and Huntington Bank.”

MAC Trailer’s expansion will create or retain nearly 100 full-time equivalent jobs in a census tract where 73.4% of the population falls below the poverty line. All of these positions pay a living wage and are accessible to people with less than a four-year degree from an accredited establishment. The company is prepared to hire people with no experience and provide multiple forms of training.

The total project costs are estimated to be nearly $10 million; MCC allocated $7 million in New Markets Tax Credits.

“Michigan Community Capital is thrilled to support the City of Mt. Pleasant and the State of Michigan in their efforts to expand opportunities for living-wage jobs in rural communities. This is a wonderful complement to our recent local workforce housing expansion at 410 W Broadway Street,” said Eric Hanna, president and CEO at Michigan Community Capital. 

PNC New Markets Investment Partners, LLC will also be supporting the project with New Markets Tax Credit allocation investment.

“We are pleased to collaborate once again with Michigan Community Capital on this important transaction for the Mt. Pleasant community and the economic benefit this facility will create,” said Jonathan Swigert, vice president and New Market Tax Credit originator for Tax Credit Solutions, a PNC Real Estate business. “This facility is a testament to the impact that the NMTC program can have on our communities, and we are incredibly proud to be active participants in the program, supporting projects just like this one across the U.S.”

To learn more about MAC Trailer Enterprises and the expansion project, visit www.mactrailer.com.

About Michigan Community Capital

Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

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New Markets Tax Credits Invested into Detroit Food Commons Development Project

Detroit People's Food Co-op
Detroit People’s Food Co-op

Michigan Community Capital among CDE’s supporting Detroit Food Commons development with New Markets Tax Credit allocations

FOR IMMEDIATE RELEASE
March 30, 2022

LANSING, Mich. – A newly constructed two-story, 31,000-square-foot building on Woodward Avenue in Detroit will house Detroit Food Commons. The nearly $20-million project spearheaded by nonprofits Detroit Black Community Food Security Network (DBCFSN) and Develop Detroit (DDI) has been made possible in part with $7 million in New Markets Tax Credits (NMTC) allocated from Michigan Community Capital (MCC) this week. Located within a CDFI-qualified severely distressed census tract, the project will directly address a severe lack of access to fresh food in the North End neighborhood of Detroit. 

The mixed-use building will include Detroit People’s Food Co-op (the Co-op) on the first floor — a community-owned grocery selling healthy, locally sourced food, a deli and bakery, and a neighborhood café. The second floor will include two large and two small licensed incubator kitchens to serve local food enterprises, a 3,800-square-foot community event and banquet space, and office space for the headquarters of DBCFSN.

The ground-level grocery will provide healthy, affordable options to more than 31,000 low–income community members and over 19,000 food desert residents within a 1.5-mile trade radius. The Co-op already has 1,455 member-owners, underscoring the pent-up demand for high-quality grocers in the neighborhood.

The Co-op and DBCFSN will directly create or retain approximately 41 full-time equivalent jobs in a census tract where 59.6% of the population falls below the poverty line. All of these positions will be accessible to people with less than a four-year degree of accredited education.

According to DBCFSN Executive Director Malik Yakini, “the Detroit Food Commons will be a game changer. Not only will the anchor tenant, the Detroit People’s Food Co-op, provide greater access to fresh, healthy, nutrient dense foods, but it also provides an important model of community ownership and what moving towards a more racially just economy looks like.”

Project costs are expected to be roughly $20 million; Michigan Community Capital will provide $7 million in New Markets Tax Credit allocation. 

“Access to healthy and affordable food is essential for a thriving community,” said Eric Hanna, president and CEO at Michigan Community Capital. “By supporting this project, we’re reaching thousands of community members in need of this access, and we’re investing in multiple minority-owned businesses involved in the process. This project helps establish a system where money to purchase this food will now circulate back to Detroiters.”   

U.S. Bank is supporting the project with New Markets Tax Credit allocation investment.

“U.S. Bank is excited about this unique project that will bring fresh and healthy food to area residents, provide jobs for the local community, and attract and support entrepreneurs with its incubator kitchens and event space,” said Jennifer Stoehr, vice president with U.S. Bancorp Community Development Corporation (USBCDC), the community investment and tax credit division of U.S Bank. “We’re committed to supporting projects that drive racial equity, and that’s why we’re not only supporting Detroit Food Commons as a NMTC investor but bringing NMTC allocation through our own community development entity.”

Local Initiatives Support Corporation (LISC Detroit) is supporting the project with New Markets Tax Credit allocation investment.

“New Markets Support Company (NMSC), in conjunction with LISC Detroit, is proud to contribute new markets tax credits in support of the Detroit Food Commons,” said Donna Nuccio of NMSC. “The project is centered around community ownership and will provide ongoing benefits in the form of access to healthy food and support of local businesses, which aligns with our mission of advancing equitable outcomes. We look forward to the continued collaboration to make this project a success.”

National Cooperative Bank is supporting the project as a direct lender.

“As a socially responsible financial institution, National Cooperative Bank (NCB) is proud to be the direct lender in the Detroit Commons Project,” stated Michael Novak, senior vice president of Commercial Banking at NCB. “For over 40 years, NCB has had a mission to support the growth of food co-ops nationwide, especially in underserved communities. Having access to fresh, healthy food is a basic ingredient to sustainable communities and we look forward to working with Michigan Community Capital and all the project partners on this development.”

To learn more about Detroit Black Community Food Security Network and Detroit Food Commons Development Project visit www.detroitpeoplesfoodcoop.com.

About Michigan Community Capital

Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

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