[DetroitMan]

Bay City receives $4.3M state loan for 90-unit apartment development

ay City will see a major downtown redevelopment project move forward after Riverview Apartments Bay City LLC secured a Michigan Community Revitalization Program loan of up to $4.3 million to create 90 residential housing units and two storefronts. The mixed-use development represents a $22.2 million investment in downtown Bay City’s north end, where several vacant and underutilized parcels will be transformed into a three-story building spanning 87,446 square feet of new construction. “We’re excited to expand downtown Bay City to the north and bring life back to land that has been vacant for so long,” Water Street Lofts developer Rod Hildebrant said in a statement. “The demand is clear—we already have strong interest from people eager to live in our vibrant downtown.”

The project aligns with Bay City’s recent designation as an “essentials” community under the Michigan Economic Development Corp.’s Redevelopment Ready Certified program, which the city achieved in March 2024. This status indicates Bay City has established redevelopment goals and created a master plan emphasizing diverse housing types, policies supporting housing at various price points, and more vibrant neighborhoods.

https://www.mlive.com/news/saginaw-b...velopment.html