Owned by its tenants and local community members, Traverse City's Commongrounds Cooperative will feature a craft distillery, a food hall, and a childcare facility, among other amenities.
According to an article by Oscar Perry Abello, a new mixed-use cooperative complex in Traverse City, Michigan provides a novel example of a distinct type of ownership and financing that seeks to counter the 'extractive' practices that dominate the real estate market by putting ownership in the hands of the local community.
Slated to open in early 2022, the Commongrounds Cooperative "is owned by a combination of the commercial tenants that will occupy it once it opens and members of their community — their customers, employees and other supporters as well as the residents once they move in," writes Abello. "It’s located along Traverse City’s 8th Street corridor, which the city wants to revitalize with new businesses and housing, with a focus on bike and public transit."
Commongrounds presents a unique twist on the cooperative model, popular with residential buildings but uncommon in mixed-use and commercial projects.
Abello's article details the process of financing the project and the nontraditional routes taken by the co-op's members to bring together the necessary capital through a variety of loans and investments.
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