What’s happening: The preservation and redevelopment of historic buildings in the downtowns of Alma and Petoskey will bring some much needed housing options to the two communities, and the state of Michigan is greasing the wheels to help it happen. Alma’s Highland Lofts project and Petoskey’s 316 Lake Street Revitalization project will each receive Michigan Community Revitalization Program (MCRP) performance-based grants – for $1.5 million and $1.45 million, respectively – in support of the two downtown projects.
In Alma: The Highland Lofts project will see the redevelopment and reactivation of the mixed-use building at 116, 118, and 120 E. Superior St. in downtown Alma. The $4.2 million project has received a $1.5 million MCRP performance-based grant on the strength of its plan to renovate and add 14 market-rate residential units and two commercial storefronts to downtown Alma.
“After working on this project for more than six years, we are excited to be moving forward with the rehabilitation of this historic building in the heart of Alma’s business district,” says developer Zack Everitt. “We’re confident this project will have a positive impact on the long-term vitality of downtown Alma, and can’t wait to finally see it start coming together.”
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The 316 Lake Street Revitalization project in downtown Petoskey.And in Petoskey: Two vacant buildings in downtown Petoskey’s historic Gaslight District will be redeveloped as part of the 316 Lake Street Revitalization project, adding two commercial spaces and six residential units to the district. The project will include blight remediation and facade renovations to better match the historic district.
“We appreciate the support of the Michigan Strategic Fund Board in partnering with the city to revitalize this redevelopment priority site in wonderful downtown Petoskey,” says Petoskey City Manager Shane Horn.
“The preservation and rehabilitation of this historic structure, accommodating retail and workforce housing needs, is the desired redevelopment outcome.”
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