Waterfront redevelopment is currently one of the hottest targets for downtown economic development agencies – and developers are taking notice. Target Alpena, an arm of the Alpena Area Chamber of Commerce, along with the City of Alpena, is seekings a developer for a prime property in their downtown. The vision for the property is to extend the energy of the popular Second Avenue commercial district to the Thunder Bay River, and doing so, to leverage this site’s location on the river for highly-sought-after apartment living.
The 0.62-acre site is positioned on the eastern end of Alpena’s prime retail blocks on Second Avenue at Water Street, which is steps away from numerous restaurants, shops, and a first run movie theater. In considering the creation of residential units on this site, planners are careful to point out the convenience of a grocery store and farmers market, as well as daily-round services and numerous employers, all within easy walking distance.
In a formula that is consistently supercharging site redevelopment across Michigan, the City of Alpena received the support of the Michigan Economic Development Corporation (MEDC) and worked with the Michigan Municipal League, and property owner Target Alpena to benefit from the expertise of Mission North planning consultants. The result was a strong vision for the site, which is supported by a market study and other feasibility due diligence. This plan seeks to work with a developer to:
- Introduce approximately 22 new rental units and 36 residential condominium units to downtown
- Establish retail on the east side of Water Street at Second Avenue to expand the walkability and vitality of the street
- Create a public plaza at the corner that would provide a great opportunity for the public to enjoy the river while adding value to the development
- Provide approximately 21 on-site parking spaces available to project residents (and generate additional revenue for the site)
The property is being offered at $125,000. A variety of local and state incentives are available to help a developer manifest this potential project into a new asset for downtown Alpena.