10597 e traverse hwy pitchbook

DEVELOPMENT OPPORTUNITYTRAVERSE CITY, MICHIGAN

For information contact:

Kevin Endres, P.E.Owner / REALTOR231.534.5225 [email protected]

THREE WEST, LLCLicensed Real Estate Broker

4020 Copper ViewSte. 129Traverse City, MI 49684231.929.2955 Phone231.929.2970 Fax

©2008, Three West, LLC. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

Three West is pleased to present this excellent development parcel in Traverse City, Michigan. The development site is a 14.94 +/- acre parcel near the M-72 / M-22 intersection in Traverse City, Michigan. The site is approximately 0.4 miles from West Grand Traverse Bay and 1 mile from the Traverse City CBD. This is an opportunity to own one of the last remaining development parcels within the limits of Traverse City.

Traverse City




4020 Copper ViewSte. 129Traverse City, MI 49684231.929.2955 Phone231.929.2970 Fax ©2008, Three West, LLC. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no

guarantee, warranty or representation about it. It is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

Project Statistics & Highlights 3

Project Site – Existing Site 4

Project Site – Conceptual Site Plan 5

Property Photos 6

Traverse City Market Overview 7

Traverse City Overview Map 8

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TABLE OF CONTENTS

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PROPERTY HIGHLIGHTS

• Zoning allows for construction of C-2 uses and lodging facilities of up to 50% of gross floor area of the project where at least 20% of the project’s housing units meet the City’s affordable housing standards.

• Opportunity to currently be the only hotel on the west side of Traverse City

• Highway exposure (M-72)

• Traverse City Market provides many year around demand generators (see Page 7 for more details)

PROPERTY STATISTICS

• Project Size: 14.94 Acres +/-

• Property Address: 10597 East Traverse Highway (M-72)

• Zoning: R-1b / Mixed Use PUD / Morgan Farms Area

• Water Source: Municipal

• Sewer Source: Municipal

• M-72 / M-22 Intersection ADT (2006): 23,800

PROPERTY HIGHLIGHTS

• Work Force Housing Incentives including grants and other Low Income Housing Tax Credits and Vouchers

• Opportunity to construct up to 80 work force housing units including single family and multi-family units

• Project site is located close to Tom’s Food Market, local bank branch, laundry facility, downtown and jobs.

• The TART Trail is located within ½ mile of the site which allows access for bicycles and pedestrians from Suttons Bay to Williamsburg

• Public Transportation is available within the Traverse City region (Bay Area Transportation Authority)

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EXISTINTG SITETraverse City


Carter Road






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CONCEPTUAL SITE PLANTraverse City


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4020 Copper ViewSte. 129Traverse City, MI 49684231.929.2955 Phone231.929.2970 Fax

Traverse City

View From SW corner looking East down M-72 View From SW Corner looking West down M-72

View of wooded East side looking North View from South looking North







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• The Traverse City Area is one of the state’s leading tourism destinations. The number of visitors to Grand Traverse County has increased steadily from an estimated 1.2 million in 1990 to 1.9 million in 2005.

• While population growth across the area is similar to that of the U.S. as a whole, local growth rates are significantly above statewide averages.

• Grand Traverse County’s population as of 2006 was 86,413 and is expected to climb to 92,540 by 2011. This accounts for an annual population increase of 1,225.

• The median household income in 2006 for the area within a 10 mile radius of downtown Traverse City was $52,935 and for Grand Traverse County it was $51,641. These median household incomes are expected to increase by 2.9% by the year 2011, or $61,339 and $59,564 respectively.

• Grand Traverse County restaurant sales in 2006 according to Claritas were approximately $150 million. This is an increase from $96 million in 1997 and $124 million in 2002.

TRAVERSE CITY REGION OVERVIEW

• The growth of Retail sales in Grand Traverse County rose from approximately $900 million in 1997 to about $1.7 billion in 2006, with an annualized growth rate of about 6% per year, or a cumulative increase of about $780 million.

• The Traverse City Region is home to over 20 of some of the country’s finest golf courses including courses designed renowned PGA tour players Jack Nicklas, Arnold Palmer, and Gary Player.

• Grand Traverse County includes more than a dozen crystal clear inland lakes, blue ribbon trout streams, and part of Lake Michigan. These exceptional waterways provide vacationers bountiful opportunities for fishing, boating, swimming, diving, and general recreation.

• Traverse City is centrally located to multiple winter sporting venues including Crystal Mountain and Boyne Mountain. Traverse City is also home to the nationally recognized VASA X-Country Ski Trail and miles and miles of snowmobiling trails.

•The Old Mission Peninsula is recognized as an Appalachian and is home to some of the countries finest wineries.

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TRAVERSE CITY OVERVIEW MAP

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West Grand Traverse Bay

South Airport Rd.

Traverse City


East Grand Traverse Bay

US-31

1. Downtown Traverse City2. Cherry Capitol Airport3. Grand Traverse Mall4. Grand Traverse Crossings5. Holiday Hills Ski Area

6. Clinch Park Marina7. Northwestern Michigan College8. Munson Medical Center9. Turtle Creek Casino10. Grand Traverse Resort

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3 4

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9 & 10

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11. Elmwood Township Marina12. Great Lakes Maritime Academy13. Old Mission Peninsula Wineries

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3 M

ile R

oad

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10597 e traverse hwy pitchbook

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