$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
$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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Renovation of a long-vacant building will create new apartments, short-term rentals in a commercial zone, and flexible space for local nonprofits in Muskegon’s Midtown district.
FOR IMMEDIATE RELEASE December 16, 2025
LANSING, Mich.– Michigan Community Capital (MCC) is supporting the transformation of a long-vacant roughly 26,500-square-foot building at 1095 3rd Street into the Muskegon Midtown Center, a 63,000-square-foot mixed-use development that will bring new housing, tourism-focused lodging, and community-serving space to a deeply distressed commercial corridor. MCC is providing $12 million in federal New Markets Tax Credit (NMTC) allocation as well as a source loan through its lending subsidiary, Magnet Lending Corporation.
“This project is more than bricks and mortar for us – it’s an opportunity to create new housing options, support small businesses, and make space for organizations that serve our neighbors every day,” said Frank Peterson, Operating Partner at WheelFish Group, LLC. “Muskegon Midtown Center represents the kind of layered, community-driven investment that can expand opportunity for people who live and work in this district.”
WheelFish Group, LLC will renovate the existing structure and construct a sizable addition to create 56 residential units, 17 of which (30%) will be affordable at or below 80% of area median income (AMI). In addition to apartments, the project will include commercial space for a short-term vacation rental business that is intentionally located in a commercial district, flexible meeting and classroom space for local nonprofits and grassroots groups, and back-of-house space that will support operations at the nearby Hackley Castle Inn and Suites boutique hotel.
“Muskegon Midtown Center is exactly the type of catalytic, mixed-use investment that New Markets Tax Credits were designed to support,” said Eric Hanna, president and CEO at Michigan Community Capital. “By pairing our NMTC allocation with a loan from our subsidiary Magnet Lending Corporation, we are able to help bring new homes, responsibly located short-term rental services, and community-centered nonprofit space to a corridor that has experienced disinvestment for decades.”
The project is located in a census tract which qualifies for NMTC as a “deeply distressed” tract with a poverty rate of 33.7%, median family income at 36% of the area median, and an unemployment rate more than twice the national average. The site is also in an Opportunity Zone and a CDFI Investment Area, underscoring the need for reinvestment and accessible opportunities for residents.
Dudley Ventures / Valley National Bank is serving as the NMTC investor.
“We are proud to be the NMTC investor in the Muskegon Midtown Center. This mixed-use development will create needed quality housing and nonprofit space, as well as support long-term community revitalization,” said Troy McClelland, Vice President of Tax Credit Services at Dudley Ventures. “Our commitment reflects a belief in Muskegon’s future and the power of strategic partnerships to create lasting economic and social impact.”
Muskegon Midtown Vacation Rentals, LLC will lease space for 11 short-term vacation rental units within the mixed-use building. This model aligns with the City of Muskegon’s approach of treating vacation rentals as commercial enterprises and locating them in appropriate commercial zones. Concentrating short-term rentals in the Midtown commercial district helps direct tourism spending toward local businesses and restaurants while preserving the peace and character of residential neighborhoods.
Reset Ventures, a local nonprofit that has deployed more than $3 million to support community organizations since 2021, plans to lease space for community-oriented meeting and classroom facilities. The space will be available to smaller nonprofits and grassroots groups that often lack access to affordable, professional venues for their work. Planned uses include neighborhood organizing meetings, skills-building classes, nonprofit retreats, and community forums that strengthen local networks and civic engagement.
Hackley Castle Inn and Suites, a boutique hotel under construction in a former 1890s school building across the street, is expected to lease lower-level space in Muskegon Midtown Center for storage, staff training, and other operational needs. This arrangement will help preserve guest-facing areas in the historic hotel while supporting efficient day-to-day operations.
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.
