EMMET COUNTY, Mich. (WPBN/WGTU)— Emmet County is set to see some relief in its tight housing market with three new housing complexes currently under construction and expected to open this fall.
The projects aim to address the area’s critical housing shortage, which has been a persistent issue.
“Right now we are at 0.2% rental occupancy in Petoskey area and Emmett County, which means that if you’re looking for a place to live, if you’re a worker moving to the area or you’re trying to relocate, it’s a really difficult thing to do when there are no availability,” said Nikki Devitt, President and CEO of the Petoskey Regional Chamber of Commerce.
Drew Smith, General Manager of the Perry Hotel, highlighted the challenges faced by those seeking housing. “Currently, there’s very long wait times for the apartments that are currently available. And so sometimes the timing of those things create a challenge for people. So with the new housing initiative that are coming online, that’s only going to help us to bring, to not only keep people in the area, but also bring top talent from across the state, across the country to Northern Michigan,” he said.
Devitt emphasized the collaborative effort required to bring these projects to life. “One of the biggest things we talk about with the one project, the block, is the fact that it was the first project in Michigan to use the new housing increment type financing. And by doing that, it’s allowed us to leverage different tools in our toolbox to make sure that we’re being fair to developers but also fair to our communities and putting housing on the market that is right for the needs of the individuals in the market,” she said.
The three developments include The Lofts at Lumber Square, offering 60 units with rents estimated between $1,200 to $1,600 a month; The Block, with 204 units, half of which will have similar rent estimates while the other half will be market rate; and a workforce housing project by the Little Traverse Bay Bands of Odawa Indians, with rents between $600 and $1,000 a month based on income, including eight units reserved for tribal members.
“One of the biggest points to understand is for Petoskey area, we haven’t had a multi-unit housing development in almost 20 years. So that’s a long time to go without any housing. And if we’re looking at the numbers, Emmett County needs just about 3,300 units of housing. And over 880 of those are rental units. So as excited as we are for 314 units to be coming online, they’re the first of their kind in 20 years, and we still have a long way to go,” Devitt said.
The Petoskey Chamber will host a housing town hall on August 13 from 3 to 5 p.m. at the Crooked Tree Arts Center to discuss new zoning and policy solutions, updates on the three projects, and statewide housing programs.