CADILLAC — Michigan Community Capital CEO Eric Hanna said Cadillac should not take for granted the position it is in right now.
At a groundbreaking ceremony Tuesday for the Cadillac Lofts, located at the corner of Mitchell and Cass streets, Hanna said this project could open the door to additional development in the city for years to come.
Hanna said the estimated $19 million Cadillac Lofts project is possible only because of a series of smaller investments made by the city, community and local investors.
Those smaller projects include the renovation of the Rotary Performing Arts Pavilion, construction of the Plaza at Cadillac Commons, and Market at Cadillac Commons.
Hanna said successful completion of these projects has built momentum that is drawing the attention of private investors and public entities such as the Michigan Economic Development Corporation.
This attention is incredibly valuable, Hanna said, and something the city should use to its advantage.
“This is something to celebrate,‘ Hanna said. “And it’s really important it doesn’t stop with this project. We’re already starting to hear rumors of new deals happening.‘
Daniel Leonard, with MEDC, agreed that Cadillac Lofts is the culmination of a lot of smaller projects undertaken by the city that are now being noticed by investors.
“The private sector is finally getting up to speed with the public sector,‘ Leonard said.
During the groundbreaking, Hanna commended Leonard as well as Cadillac City Manager Marcus Peccia and the city council who helped to “energize partnerships‘ to make this project a reality.
Crews have finished pouring foundations and footings at the site and have backfilled much of the area with sand.
Cadillac Lofts architect Dean DeKryger, with The DK Design Group, said they will be bringing in a crane within the next week and a half to begin erecting structural steel in preparation for the construction of the floors.
Throughout the summer, crews will complete the floors of the first L-shaped building in 2-3-week intervals.
DeKryger said they’d like to have the structure enclosed by November so they can do interior work during the winter.
They’d like to the have the building done by June of 2020.
It was announced at the groundbreaking that they currently are looking for tenants interested in living in the Cadillac Lofts, as well as retailers interested in doing business in the first floor.
To learn more, go to www.michigancommunitycapital.org.
The first four-story complex will include 6,000 square feet of commercial space on the first floor and approximately 42 residential rental units within the upper three floors.
Otie McKinley, media and communications manager for the Michigan Economic Development Corporation and Pure Michigan, said the majority of units in Cadillac Lofts will have rent rates of between $750 and $800.
Phase II of the project will be the construction of a second L-shaped building at the site of what is now G and D Pizza and Party Store.
DeKryger said they’d like to start working on the second phase of the project by spring of 2020.