Traverse City Breaks Ground on New Housing Development
Developers held a groundbreaking ceremony for a new multi-use housing unit in Traverse City.
The project is a partnership between the Michigan Economic Development Committee, the Traverse City DDA, and developers Great Lakes Capital and CRG Residential.
Fourteen of those 91 units will be leased to tenants that are considered low income for the next five years, as part of the developer’s agreement with the MEDC.
“I live in southern Michigan and I’ve been coming up here for so many years now,” said Great Lakes Capital Managing Director Jeff Smoke. “I always admired the growth of Traverse City and everyone I talk to talks about the demand for housing up here.”
Those 14 apartments will most likely be placed back on the market after the five year commitment is done.
Construction is expected to be completed in December 2022.