Commongrounds Cooperative Development Awarded $1.5 Million State Grant
The Michigan Economic Development Corporation is throwing some extra support behind a Brownfield Redevelopment Project in Traverse City.
It’s called the Commongrounds Cooperative and it’s a development project on 8th Street and along the Boardman River.
Commongrounds is working to build a four story building with underground parking.
It will include commercial space and residential units.
The project is a coop with 500 investor owners.
The Michigan Strategic Fund says the nearly $16 million project will create 17 full time jobs.
Now, Commongrounds has received another $1.5 million grant, and received the final blessing from the state for Brownfield funding.
It’s also eligible for state redevelopment grants and funding for ongoing remediation of the site.