“Traverse City is becoming Myrtle Beach meets Hilton Head — a place catering to a population outside the region,” Mr. Treter said.
What sets this project apart from others like it is how it’s paid for.
Mr. Treter developed the space with Kate Redman, a lawyer who works with nonprofit organizations, and several other entrepreneurs who were dealing with similar challenges.
They created a crowdfunding campaign that recruited nearly 500 residents to invest $1.3 million as a down payment to help finance the project’s construction and earn up to 7 percent annually in dividend payments.
Roughly 500 more residents contributed $50 each to join the project as co-op members.
Persons:
Chris Treter, Mr, Treter, “, Kate Redman
Organizations:
Trading, “, Myrtle Beach
Locations:
CITY, Mich, —, “ Traverse, Michigan