Development continues in the Grand Traverse area in Michigan. An exciting real estate project was recently announced, and the community has an opportunity to invest in the project. The multi-million-dollar mixed-use building project is scheduled to begin in the summer of 2019. Community residents have an opportunity to buy in as part owners.
The name of the project is Commongrounds, and it is being built as a real estate cooperative. It will be located near Boardman Avenue in Traverse City. The fact that the project is deemed a real estate cooperative means that the community will have the opportunity to invest in the project and participate in building development. This provides a benefit to both tenant-owners and members of the community.
The plan, as it exists, calls for the construction of a four-story building. Housing will be a significant part of the project, as one of the goals is to make housing affordable for people working in the downtown area. In addition, the building will provide space for child care, offices and retail. Providing downtown living space will also enable people to bike or walk to work. As an effort to make the living spaces affordable, there will be studio units available in addition to one-bedroom apartments.
Community involvement in community development is one way that the area can grow and thrive while meeting the needs of the existing population. It can be a great way to improve a neighborhood without displacing the current residents. People in this part of Michigan who are interested in becoming involved with the project should speak to a real estate attorney for additional information on how one can become involved with this important initiative.