Mt. Pleasant, MI: For over a decade, 410 Broadway sat vacant along the Chippewa River, just a few blocks from the heart of Downtown Mt. Pleasant. After several failed proposals from other developers over the years, the site will finally break ground next month as the future Broadway Lofts.
On Tuesday, Michigan Community Capital (MCC) secured over $18M in funding that allows the four-story, 50,000 square foot project to begin. Once completed in May of 2021, the 1.34-acre site will be the new 10,000 square foot location of Green Tree Cooperative Grocery and offer 48 mixed-income apartments on the upper floors.
"GreenTree is so excited to be a part of this project.” says Sarah Christensen, General Manager of GreenTree. “We've been working for a long time on a plan to relocate, to build a new, bigger, better store and to bring food to our community in a more accessible way. Michigan Community Capital has proven to be a great partner for us. We believe this project will re-invigorate downtown, that in 10 years the community will look back on this project and see it as an exciting turning point for Mt. Pleasant"
“The 410 Broadway project will add vibrancy to downtown Mt. Pleasant and drive further economic growth in the area,” said MEDC Sr. Vice President of Community Development Michele Wildman. “We are pleased to work with MCC and other partners on this project, which will help make Mt. Pleasant a more attractive place to live, work, and play.”
The project received state support in the form of a low-interest loan from the Michigan Economic Development Corporation (MEDC) and is seeking grant funding from the Michigan Department of Environment, Great Lakes, and Energy (EGLE). In addition, the project secured a loan from the National Cooperative Bank, and a New Market Tax Credit allocation from PNC and Cinnaire.
"The New Markets Tax Credit is a key financing tool that helps catalytic projects like this become a reality," said Peter Giles, Vice President, Business Development at Cinnaire. "Broadway Lofts will create jobs, provide affordable housing and spur economic development in downtown Mt. Pleasant and we're proud to be part of this project."
From Bill Mrdeza, the Community Services & Economic Development Director at the city of Mt. Pleasant: “The City of Mt. Pleasant considers the Broadway Lofts project as a key component in continuing its commitment to a vibrant downtown, as well as serving as a catalyst to attract new investment in the community. It has taken almost fifteen years to realize the original plan of creating a mixed-use development adjacent to the renovated historic Borden Building that now serves as City Hall. The City is thrilled to have Michigan Community Capital as our development partner. Given the complexity of the project and the challenging site conditions, it has truly been a cooperative effort by all parties to bring that dream to fruition.”
The city of Mount Pleasant supported the project with a Neighborhood Enterprise Zone Abatement and a Commercial Facilities Exemption. “It is with no small amount of pride that I can report that MCC has closed our funding for the 410 Broadway Redevelopment.” said Eric Hanna, President of MCC. “The project involved one of the most complex sites that MCC and many of our partners have ever managed including flood plain, contamination, poor soils, high water table and significant utility relocation. In the end, it took a financial structure in excess of standard programs to get the site redeveloped. I am, however; convinced that this building will be a 100-year+ asset to the community.”
*** Michigan Community Capital “MCC” is a Lansing, MI based private non-profit, 501 (c)3 public charity, a Community Development Entity and a U.S. Treasury licensed Community Development Finance Institution. MCC focuses on publicprivate partnerships to complete projects that the private sector would not pursue. Over its 14 year history, the company has completed 22 projects utilizing $164M in Federal New Market Tax Credit allocation and has worked to finance the development of over 250 units of rental housing addressing a continuously expanding gap called the “Missing Middle” MCC is a supporting organization to the Michigan Economic Development Corporation and the Michigan State Housing Development Authority and works with a number of local, regional and national banks to drive investment into underserved markets in the State of Michigan.
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