Rental units planned above Golden Shoes | Business
TRAVERSE CITY – The vertically striped facade above Golden Shoes will be torn down on Monday to make space for four luxurious short-term rental apartments. The shoe store remains on the ground floor.
Bill Golden, who runs Golden Shoes, 122 East Front St., had been thinking of doing something to the second floor for several years. He and five of his siblings own the structure.
“We were approached back in March – that’s when I started working on it and bringing it all together,” said Golden. “We started talking and it all made sense.”
The property is managed by Golden Swan Management of Traverse City, a vacation rental company. The Management Company has no relationship with the Golden family.
“It’s just a coincidence,” said Mark Keely, managing partner of Golden Swan Management, about the shared Golden names. “Golden Swan Management and Golden Swan Development – mine and Katy Bertodatto’s companies – were named years ago.”
“Revitalizing historic buildings like Golden Lofts has been one of our visions for years,” said Keely. “We are pleased that our client not only generates extraordinary recurring rental income with Golden Lofts, but also a significant increase in the total value of his property.”
The $ 1.5 million renovation is being led by Grand Rapids-based contractor AJ Veneklasen. Local providers include First Community Bank, Mansfield Architects, Team Bob’s, Team Elmer’s, Max’s Service and Isenhart Electric.
“It’s called revitalization because we’re bringing the facade of the building back to its original state,” said Clover Keyes Roy, management director of marketing and communications for Golden Swan.
“The removal of that facade is one of the most expensive parts of this whole renovation,” she said. “There are steel beams back there and it will take a few weeks or more to do just that part while the behind-the-scenes renovation goes on on the second floor.”
The project will include two 2-bedroom units and two 1-bedroom units, with high-end amenities and decorative interiors created from repurposed elements from the building’s past incarnations.
The building, built in 1883, was used on the second floor for functions of the Chamber of Commerce, the National Cherry Festival and as a design site during the Vietnam War. The white windowless facade to Front Street was added in 1968 and the second floor has been vacant since then. The renovation work started last week.
“This small business has been providing our family with care for four generations,” said Golden. “This new project will ensure that the next generation of Goldens will have the opportunity to live and work in Traverse City, just like my siblings and I. Golden Lofts is not just about us – it’s about our community, and we hope our Front Street neighbors will consider developments like ours – to protect and enhance the character of this great city. “
Depending on the speed of construction, the units can already be rented from May 2022.
“We have to go through all of this and then figure out the (rental) prices,” said Golden. “We do not know yet.”
“We’ll probably be renting them out sometime in the New Year,” said Keely. “We’ll probably have a minimum of two nights. In the summer during the high season, from Memorial Day to Labor Day, we have a minimum of seven nights. “
Golden had previously been approached by other developers who only wanted to buy the second floor, but he decided he wanted to regain control of the entire building.
“Golden Lofts will offer accommodations that are attractive to partners, guests and consultants serving the area’s large and medium-sized businesses while providing dining and shopping opportunities for our smaller businesses,” said Warren Call, President and CEO of Traverse Connect. in a publication. “Investments like Golden Lofts have an impact on our local economy in many ways, and we are excited to see this project move forward.”