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Real estate development potential in underused building

Traverse City continues to enjoy a surge in development as projects in the downtown area are undertaken and new opportunities still exist. There is a large building downtown that is unused and could present an interesting real estate investment opportunity. This part of Michigan is continuing to be a healthy market for potential investors.

A former telephone company building sits largely idle in the midst of an area that is being redeveloped. The building’s location is ideal as it is near two ongoing development projects. One project is along the river that the building overlooks and the other is for a civic square that is under development and is planned for completion in 2020.

The building has been described as being ideal for a combination of office space and residential space. One part of the building dates back to the 1930s and could be a candidate for historical preservation. The owner of the building has been approached concerning the interest in developing the property. While discussions regarding the property are ongoing, nothing has been decided.

There is a nationwide drive to redevelop urban areas and Traverse City is a strong participant in this effort. Investing in real estate has for years been considered a sound investment in Michigan, as long as one does one’s homework. Anyone interested in investing in real estate would do well to consult with an attorney experienced in this field of law. A knowledgeable lawyer can help to see that interested investors are well-informed regarding potential investments and also help them to avoid costly mistakes.