Pokagon Band Invests In Benton Harbor Housing Development

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The non-gaming investment arm of the Pokagon Band of Potawatomi has acquired an ownership position in the City Center Lofts in Benton Harbor. Cressy Commercial Real Estate says the Pokagons are investing in the two-story, 20,000 square foot mixed-use building constructed in the 1880s and located on the corner of Main Street and Pipestone Street in downtown Benton Harbor. The structure was on the verge of demolition before a partnership formed between the Michigan Economic Development Corporation, the city of Benton Harbor, Cornerstone Alliance, and Cressy Commercial Real Estate. It resulted in a $4 million investment and complete rehabilitation of the structure. That was completed last July. The Pokagon band says it invested in the development through its Redtail Properties subsidiary to have a 50% equity stake in City Center Lofts. It says the move is in line with its strategy to expand real estate holdings in areas of historical significance to the band. Cressy Commercial Real Estate CEO Chris Fielding says the group is thrilled at the partnership.