“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.

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Persons: Chris Treter, Mr, Treter, “, Kate Redman Organizations: Trading, “, Myrtle Beach Locations: CITY, Mich, —, “ Traverse, Michigan