First-time real estate developer Matt Sviland had a vision to transform the long-vacant Delta Building in Escanaba, Michigan into a mixed-use property. The property was originally constructed in 1900 as the Richter Brewery and was re-established as the Delta Brewing Company in 1933. Following its use as a brewery, portions of the building were utilized as a cosmetology school, veterinarian’s office, and gymnastics center. However, the upper floors of the Delta Building sat vacant for over 60 years.
Sviland purchased the property in 2008, and with the help of federal, state, and local incentives, construction of The Lofts on Ludington was completed in 2012. InSite Capital (InSite) played a crucial role when the project unexpectedly needed an investment partner. InSite utilized its tax credit knowledge to efficiently underwrite the investment.
The Lofts on Ludington succeeded in revitalizing the city by adding new businesses and 15 families to the downtown area, including three, women-owned businesses that occupy the first floor commercial space. The apartments increased downtown activity and spurred economic development. Matt Sviland’s dream helped save and restore one of only five remaining historic breweries in Michigan. The lofts have been very well received in the community.
In addition, The Lofts on Ludington was the recipient of the 2012 State of Michigan Governor’s Award for Historic Preservation.