Traverse City Proposes Sale of Downtown Land for Housing and Parking Development
The Traverse City City Commission will consider a request for proposals for six city-owned parcels valued at $7.6 million. The initiative aims to address the demand for public parking and workforce housing in a rapidly developing area.
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The Traverse City City Commission will decide on Monday whether to issue a request for proposals (RFP) for six parcels of city-owned land, valued at $7.6 million, located on the west end of downtown. The properties, totaling over an acre, have been designated for public parking but are now targeted for development that includes both public parking and workforce housing.
Existing developments in the area include two hotels and over 100 residential units, contributing to a documented housing shortage with a median rent of $1,695 and a median home price of $392,500. The RFP will also require a deed restriction against short-term rentals and adherence to the city's Building Electrification Policy, mandating full electrification.
Proposals are due by June 11, with a developer selection expected by July 6. The inclusion of a Traverse City Police substation within the development is also part of the proposal criteria, potentially enhancing financial viability for developers.
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