MARQUETTE – Plans have been drawn and work is ready to begin on the second phase of the Veridea Group’s Liberty Way development following approval this week of a $4.1 million Michigan Community Revitalization Program loan. The funds will be used towards the construction of a two-level underground parking facility that will support the 145,000 total square feet of office, hotel, residential and retail space envisioned for Liberty Way.
Veridea’s Director of Communications, Michele Thomas, said the MEDC loan approval will allow construction to begin this spring on the next phase of the Liberty Way project, which will entail construction of the parking facility and a Staybridge Suites extended stay hotel.
“This loan approval is the culmination of nearly two years of work on the part of Veridea’s development team,” Thomas said. “Receiving this funding will enable us to develop the Liberty Way site to its full potential.”
The 108-suite Staybridge will be built atop the temperature controlled underground parking garage. Units will be either studio, 1-bedroom, or 2-bedroom suites, each featuring a full kitchen. Plans for the site also include connectivity to the City of Marquette bike path and the new Marquette General Hospital health care campus. It will be the third hotel developed and operated by Veridea’s hospitality division.
Veridea’s Vice President of Hospitality, Charles Holsworth, noted that the extended stay market is both necessary and untapped in the Marquette area.
“We have some very nice traditional hotels in town but nothing designed specifically for the guest who plans to stay more than three or four nights. This hotel will serve that need,” Holsworth said.
The MCRP is a loan program run through the Michigan Strategic Fund in association with the Michigan Economic Development Corporation. Its objective is to spur development by promoting private investment in a number of areas, including blighted properties. Veridea’s Liberty Way development is a three-phase project on the site of a former industrial bakery. The first phase involved the construction of the mBank Building. Upon completion, approximately $35 million will be invested in the 5 acre, 4 building Liberty Way campus.
“Veridea is proud to be investing in Marquette,” Thomas said, “and we are thrilled that the MEDC sees the merit in our development.”
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