Ludington -
The historic Wolverine Building (aka Haskell Building) at
801 N. Rowe St. was built in 1890. It will soon be converted into apartments, if all things go to plan. The project, named Lofts on Rowe, would entail 65 units of workforce housing, and once again, developer Michigan Community Capitol (in partnership with Lansing-based Third Coast Development) is working its funding magic. They received a $2 million Community Development Block Grant from the Michigan Strategic Fund a few weeks go. Add this to $1.6 million in historic tax credits, a $5.2 million bank loan, a separate $1 million grant, an Obsolete Property Rehabilitation Act tax ($1.5 million), a local brownfield TIF ($1.5 million), $3 million in owner equity, not to mention $0 in property costs (the building was donated), and this thing is well on its way to having secured $16 million in financing. Virtual groundbreaking may occur in March or April -
Historic photo (1967) -
Source:
Ludington Daily News (file photo)
A more contemporary photo -
Source:
MiBiz
2019 project rendering -
Source:
MLive | Courtesy Image
2019 Plans -
Source:
Ludington Daily News | Courtesy Image