Demolition date set to pave the way for hotel project
Wed, 06 Mar 2013 13:31:15 GMT —
A hotel development plan in downtown Traverse City will move forward on March 11, when demolition work for the project will begin.
The site for
will be in the Warehouse District. Three buildings currently at 223-263 West Grandview Parkway will be torn down to make way for the project.
The 15-million-dollar project is being financed in part by the
Grand Traverse County Brownfield Redevelopment Authority's
Local Site Remediation Fund and U.S. Environmental Protection Agency revolving loan fund.
Hotel Indigo will consist of 105 rooms, conference facilities, a health spa, pool, restaurant, lounges and 79 underground parking spaces.
"Without the assistance of the Grand Traverse County Brownfield Redevelopment Authority in financing the environmental work that needs to be conducted at this site, this project would simply not work at all" according to Grand Traverse Hotel Properties' Managing Member Jeffrey Schmitz. Schmitz's company,
, has built over 60 hotel complexes nationwide.
The Traverse City Downtown Development Authority also plans to begin work on the Garland Streetscaping and Improvement Plan within the next year.
More than 1-million-dollars of public improvements are planned, ranging from utility upgrades that will accommodate additional redevelopment to pedestrian amenities.
The environmental work and planned public infrastructure work will ultimately be made possible by the use of Tax increment Financing, which captures new tax revenues made possible by the new private investment into redevelopment projects.
"The hotel and its guests will surely help in creating additional demand for redevelopment in the Warehouse District, and support its existing businesses too" according to Traverse City Downtown Development Authority Director Bryan Crough.