Commercial real estate has been on the uptick for Northern parts of Michigan and Grand Traverse County for a while now. Growth in commercial real estate frequently spurs growth in residential development and the Traverse City area is no exception. A new residential development is under way for the Hammond Road area.
A proposed development could be under construction as soon as this summer. The development calls for 165 manufactured housing units to be constructed on 80-acre plot of land adjacent to Traverse Academy. The plan calls for several amenities including a large clubhouse, pool, outdoor hot tub, walking paths, and a pickleball court. The units will be owned, not leased, and have available options including decks, garages and sunrooms. They will be predominantly three-bedroom, two bath homes averaging 1,500 square feet.
The area to be developed does abut on wetlands and the developer has already addressed the issue and have stated their intentions to leave the wetlands untouched. In addition to the wetlands some concerns were voiced regarding increased traffic in the area. The developer plans to build an overpass connecting the community to Vanderlip Road.
Real estate remains a good investment in Grand Traverse County. Anyone interested in investing in residential or commercial real estate in the northern Michigan area could benefit from a conversation with an experienced real estate attorney. A knowledgeable lawyer can help the client to understand the industry. He can further assist a client by making sure the client’s interests are being protected and that the deal arrived at is in the best interest of the client.