Algiers County Land Bank has approved a loan to develop Munising Marketplace

MUNISING, Mich. (WJMN) – The State Land Bank Authority (SLBA) announced on Tuesday that it has approved a $250,000 loan to Alger County Land Bank (ACLB) for the development of a mixed-use real estate development called Munising Marketplace.

Munising Marketplace is an $18 million project planned to focus on the construction of a three-storey building in Munising. The building will include 36 mixed-income residential units, as well as a workforce center that developers say will be designed to foster job creation and job placement for local workers and businesses.

“The State Land Bank Authority is committed to working on creative solutions for Michigan’s community and economic development,” said SLBA Executive Director Emily Doerr. “When we were approached about this exciting project, we were eager to find a way to fund this development which we know will have a transformative impact on the local community and region.”

The construction of the project is led by Renovare Development. The SLBA loan will help Renovare qualify for New Market Tax Credits, which will be used to help complete construction of the project.

The developers aim to help solve the housing difficulties in Munising by building residential units. As tourism and hospitality continue to grow in Munising, the region will need to meet the housing needs of local workers. Once built, the new development will consist of 36 studio, one and two bedroom units located on the second and third floors. A portion of the units will be reserved for people earning less than 80% of the region’s median income.

“The lack of housing is now affecting the ability of employers to expand because they are unable to find housing for workers. Algiers County Land Bank is proud to partner in the development of Munising Marketplace, as we are creating a lasting asset that will serve many generations to come by providing housing and access to job training to attract and retain talent in UP,” said Pam Johnson, president of the Algiers County Land Bank. “With the loan support through SLBA, we can secure the necessary financing to close the $18 million project.”

In a statement regarding the loan approval, SLBA says the following about the work opportunities the Munising market will provide:

Munising Marketplace will pilot a comprehensive workforce development initiative that combines job training, comprehensive housing services and direct placement in well-paying jobs with development companies. Leased and managed by MichiganWorks!, it will include commercial space on the ground floor and a workforce development center on the first floor with on-site coaching, job placement and employer-focused skills training to facilitate the hiring tenants. Programs will include local apprenticeships, youth training programs, partnerships with schools and universities, and collaborations between industry stakeholders, community organizations, educational institutions and businesses. The Labor Placement Program will encourage retail and restaurant tenants to actively participate in the direct placement programs offered by the centre.

You can find out more about the ongoing projects of Renovare Development here.

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