To Date DMI has Financed Projects with $248 Million of Total Development Costs
Develop Michigan, Inc. (DMI) is a key financing partner for commercial real estate developers committed to fostering economic development and the revitalization of the Michigan economy.
DMI has announced the closing of a $1 million bridge loan to support the renovation of the historic North Channel Furniture Store building. Located within the commercial Main Street – Downtown Authority district in the City of Manistee, MI, the 21,720-square foot building was previously used as a retail store for furniture and furnishings until 2010. Nestled on the Manistee River in the heart of the City’s historic district, the project will significantly impact revitalization efforts underway in Manistee.
The redevelopment of the North Channel building involves revitalizing the historic building to create 14-residential apartments on the 2nd and 3rd floors. The 1st floor will be home to North Channel Brewing Co., a brewery that will serve high quality craft beer and gastro pub food made with locally grown produce and meats.
“Develop Michigan is excited to work with the development team and the City of Manistee to transform the historic North Channel Building to provide high-quality housing for downtown residents,” said Rick Laber, DMI President. “The North Channel Brewery will put downtown Manistee on the Michigan Brew Trail, spurring economic development by boosting tourism and providing new jobs to the community.”
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DMI seeks out projects that support community revitalization or economic activity. We currently have funds available to invest in Michigan developments. Contact Wayne Bota at 313-544-4001 for more information.