It's hard to believe that in 2011, the former Wright Opera House in downtown Alma was nearly completely destroyed by a fire.
Now, the building, located at 101 East Superior Street, is in the process of becoming a fully-functional mixed-use building and recently got a financial boost thanks to a $1.85 million Bridge Loan from Develop Michigan Inc.
The mixed-use building will have retail units along the first floor, which is perfect thanks to the old opera house's location in the Alma business district. In the top floors, 13 suites will become home to 45 Alma College students.
The loan is part of $23 million in lending by DMI last year, which helped developments in Michigan leverage total investments of $58 million.
DMI was formed as a collaboration between the Great Lakes Capital Fund, the Development Finance Group and the Michigan Economic Development Corporation
Writer: Sam Eggleston
Source: Develop Michigan Inc.