$11 million in New Markets Tax Credits financing will support mixed-use redevelopment with much-needed rental housing and community-serving commercial space.

FOR IMMEDIATE RELEASE
December 29, 2025

LANSING, Mich.– Michigan Community Capital (MCC) is investing in the transformation of the former Jutila Center in Hancock, Michigan, into Skyline Commons, a 140,000-square-foot mixed-use development that will bring new housing options and vital commercial space to Houghton County. MCC is supporting the project with $11 million in federal New Markets Tax Credits (NMTC) allocation.

“Since Finlandia announced its closure in early 2023, we’ve been on a mission to save this landmark building for Hancock,” said Andy Moyle, President & Property Development at Moyle Development. “It took real persistence, but we finally built the right team and got key support from the City of Hancock, Keweenaw Economic Development Alliance, and Houghton Country Brownfield Redevelopment Authority to bring Skyline Commons to life for the community. The redevelopment breathes new life into a local icon, improves Hancock’s skyline with major exterior upgrades, and adds much needed housing and commercial spaces for the area’s future.”

Led by Moyle Development, Skyline Commons will convert the fifth, eighth and ninth floors of the building at 200 Michigan Street into 29 mixed-income rental apartments, including 15 homes that are affordable at or below 80% of the area median income, 9 of which will be income-restricted. The remaining space will be leased to a variety of commercial tenants, including the Copper Country Intermediate School District, the MTEC SmartZone entrepreneurial hub, and Little Brothers Friends of the Elderly, a nonprofit that provides free programming for older adults.

“This project helps ensure that a landmark building remains a community asset instead of a liability,” said Eric Hanna, president and CEO of Michigan Community Capital. “Skyline Commons will provide quality homes in a market with a severe shortage of rental housing while preserving space for education, entrepreneurship and supportive services all under one roof.”

This redevelopment is expected to create or retain 46 full-time living wage jobs in a “severely distressed” census tract with a poverty rate of nearly 26% in a non-metropolitan county.

The closure of Finlandia University in 2023 left Hancock with a significant amount of vacant real estate and the risk that the 9-story Jutila Center would sit empty or become a costly burden for the county. Without a committed developer and layered public and private financing that includes NMTCs, brownfield incentives, MSHDA housing tax increment financing, and a low-interest $4.5-million loan from the Michigan Economic Development Corporation, the substantial rehabilitation required to bring the structure back into productive use would not be feasible.

“The MEDC is proud to support the Skyline Commons project; this investment building on our commitment to revitalizing communities as part of the state’s Make It in Michigan economic development strategy,” said MEDC’s SVP of Community Planning and Development Readiness Michele Wildman. “By expanding new housing options alongside much-needed commercial space, this project helps meet the community’s growing demand for places to live, work, and gather, supporting residents today and positioning Hancock for long-term vitality. Vibrant, welcoming places are the foundation of a strong economy, and we’re excited to partner with the City of Hancock to create the kind of community where people can build their futures and businesses can thrive.”

Valley National Bank/Dudley Ventures will serve as the NMTC investor.

“Dudley Ventures/Valley Bank is proud to support the Skyline Commons project that will bring much-needed housing and will revitalize an important community asset for the residents of Houghton County,” said Kyle Koupal, Vice President of Investments at Dudley Ventures. “This investment reflects our commitment to strengthening local neighborhoods and supporting initiatives that clearly respond to community need.”

The project directly responds to documented housing needs in Houghton County. According to the State of Michigan Housing Data Portal, the county faced a shortage of 1,914 rental homes in 2023, 55 percent of renters were cost-burdened, and more than half of all homes were more than seventy years old. By creating new, energy-efficient apartments in the heart of Hancock, Skyline Commons will provide options for employees of local businesses and schools, people relocating to the area, seniors and veterans seeking affordable, convenient housing.

Skyline Commons is aligned with the City of Hancock Master Plan’s goals to repurpose former Finlandia University buildings for meaningful community functions and expand quality housing choices. The project has received broad support from the City of Hancock, the Local Development Finance Authority of Houghton County, the Houghton County Board of Commissioners and local school district representatives.

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 through its affiliate, Magnet Lending Corporation, 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, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org.

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