Michigan bank helps make Main Street center a reality

Northwestern Financial Review, Dec 15-Dec 31, 2002

[chronicle]

Thanks to the Charlevoix State Bank, The Porter and Vortuba Buildings in East Jordan, Mich., are being converted into a modern commercial center dubbed the Main Street Center of East Jordan.

A year ago, the 103-year-old historic structures were crumbling and the Downtown Development Authority had begun advertising for bids for demolition of the buildings. The threat of demolition inspired several players to develop a proposal that would save the buildings and bring new economic activity into downtown East Jordan.

It took several months of work to get the buildings placed on the state list of historical sites. Historic renovation tax credits were necessary to attract the developers to the project. A loan from the Michigan Economic Development Corporation of $430,000 was also a key factor in making the project financially possible. Twenty-two jobs must be created in the center for the state loan to be forgiven.

Initial tenants in the Main Street Center will be the $90 million Charlevoix State Bank, the East Jordan Area Chamber and the Charlevoix Area Hospital Physical Rehabilitation Center. Cost of the project will be in excess of $2 million making it the second largest development in the city's history. City projections indicate that over 250 new customers per day will visit downtown as a result of using the stores and services available in the new 14,400-- square-foot center.