Incredible Development Opportunity - Downtown Traverse City

Vacant Land for Sale
Sale Pending/Contingent
Catylist Listing ID: 30450531
Property Subtypes: Hospitality, Multi-Family, Office, Residential (Single Family), Retail
Status: Pending/Contingent
Gross Land Area: 1 Acre
Sale Price: $2,990,000
Unit Price: $2,990,000 Per Acre
Sale Terms: Cash to Seller, Purchase Money Mortgage, Build-to-Suit
Cap Rate: Undisclosed
Last Updated: 1/3/2021

Overview / Comments

309 W. Front Street is an incredibly unique piece of property located at a major junction of downtown Traverse City. To the east is the central business district. To the west, the West End business district and its Gourmet Alley. A stone’s throw over the river to the south is the historic Sixth Street residential neighborhood, and to the North, the trendy Warehouse District. Just beyond that, the Open Space, community beach volleyball courts and the iconic West Grand Traverse Bay - all within a short stroll. A new project was just announced on the neighboring parcel to the east, for a four story, 73,000 SF operational center for 4Front Credit Union. Between this 4Front building and the Boardman River, 309 W Front sits on 1.0 acres on the south side of Front Street. Customize your downtown TC project to this transformative piece of property, and take advantage of some sizable tax incentives as well. A project on this property has at least $1 million in available Brownfield/TIF and approximately $2.8 million in Michigan Business Tax (MBT) Credit. Contact your agent for additional details including building plans to fit the property, potential project financials, in-depth planning information, and more. Build to suit opportunities also available.

Additional Details

Nearest MSA: Traverse City
County: Grand Traverse
Taxing Authority: Traverse City
Tax ID/APN: 28-51-794-001-01
Zoning: C-3
Property Located Between: From Front and Cass, head West on Front for two blocks. Parcel is on South side of road between Boardman River and the under construction 4front building.
Property Visibility: Excellent
Legal Description: See associated documents - PARCEL B.
Largest Nearby Street: W Front Street
Feet of Frontage: 137
Development Name: Pine Street Development One, LLC
Topography: Gently Sloping
Easements: Ingress/Egress, Water Rights, Utilities
Easements Description: Shared Ingress/egress easement along the south property line
Soil Type: Sandy
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Broadband, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,742 29,227 43,934
Median Age: 40.98 42.23 42.74
Households: 2,205 13,387 19,459

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