The Michigan Economic Growth Authority has lit the green light for
Cherry Republic to move forward on its multi-use brownfield redevelopment project.
The project, which will support the construction of a retail outlet, a food production facility and new residential spaces in Traverse City, will require the demolition of two buildings before the five-story mixed-use building can be erected.
The Cherry Republic building is a benefit for the company and for the community, the authority says.
"This new Cherry Republic facility consolidates their production, retail and administrative operations and brings the company’s high quality jobs into the center of downtown Traverse City," says Michael Finney, president and CEO of the Michigan Economic Development Corporation. "As we transition from our previous tax credit programs into the Michigan Business Development and Michigan Community Revitalization programs, we will continue to seek to help Michigan companies with amendments to prior agreements as real world business changes arise."
The Grand Traverse Brownfield Redevelopment Authority will use captured local and school tax valued at $2,264,085 for the project. The Cherry Republic Center will include administrative offices, a primary retail outlet and food production facility for Cherry Republic products. The plan may also include up to 13 residential units with underground parking. The project is expected to create up to 30 permanent full-time jobs, with a total capital investment of approximately $13 million.
Writer: Sam Eggleston
Source: Michael Finney, Michigan Economic Development Corporation
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