Commongrounds Cooperative Receives $8 Million Loan Guarantee From U.S. Dept. of Agriculture
There’s a big financial step for a development in Traverse City.
The Commongrounds Cooperative just received an $8 million loan guarantee from the U.S. Department of Agriculture.
It was the last piece of the financing puzzle for their project at 416 8th Street.
The building will be mixed use and will include workforce housing, a teaching kitchen, office space, an early childcare facility, a food hall and a small performing arts space.
“It’s a really broad spectrum of uses for one location,” said Shelly Collins, Area Director of USDA. “You’re getting as much out of that building as you can possibly get out of it and it’s bringing jobs and opportunity to downtown.”
Construction is already underway, and it’s expected to be finished before the end of the year.