Located in Traverse City, Commongrounds Cooperative is a 48,000-square-foot, mixed-use facility designed to help build community wealth while meeting local needs and increasing the quality of life in the region. Owned by more than 900 community members through a cooperative model, the building houses local nonprofits and for-profit businesses in the arts, food, and health sectors, along with an early childhood education center with up to 28 slots for local children, 18 affordable apartments for rent that are meeting a pressing need for workforce housing, and coworking space. The inclusion of the ECE center was influenced in part by a 2020 IFF research study that identified a substantial need for additional ECE slots in the area.
Construction of the Commongrounds Cooperative facility began in 2020, and IFF provided a $1.5 million loan in February 2021 that bridged an unexpected funding gap. IFF then provided a second $1.5 million loan in April 2023 that enabled the completion of the project after costs increased because of challenges associated with the COVID-19 pandemic. Learn more about the project here: “Commongrounds Cooperative Puts Community First in Traverse City .”