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Success Stories

USDA Transforms Historic Retail Store into Multi-Family Housing

Alec Lloyd

Outline Of Need:
Like many rural communities, Menominee has seen its economy change considerably over the decades.  Located in Michigan’s Upper Peninsula on the border with Wisconsin, a century ago Menominee was a major center for lumber production and later transitioned to manufacturing.

In recent decades, the town has struggled to maintain a viable economy and at the same time provide decent, affordable housing for its residents.   One of the challenges facing the town was how to redevelop existing historic properties that required extensive repairs and renovation to remain viable.

How Rural Development Helped:
USDA Rural Development worked with the Woda Group Inc., a Westerville, Ohio-based real estate development company, and the Michigan State Housing Development Authority to transform a historical building into a multi-family project called “Lloyd House Apartments.”

First opening in 1926 as Marshall B. Lloyd’s Wonder Store, the building has housed a number of businesses over the years, including retail, service and light assembly.  Vacant since the early 2000s, USDA Rural  Development provided a $650,000 Section 538 Rural Housing Loan Guarantee to rehabilitate the building and restore it to productive use.  An additional $10,551,335 in funding was provided through MSHDA tax credits and private investment.

The Results:
Lloyd House Apartments celebrated its ribbon cutting on August 13, 2014.  It features 44-units consisting of one, two and three bedrooms. The first floor provides retail space and there is convenient underground parking.

What was once a deteriorating, abandoned structure is now a vibrant, centerpiece of the town, enjoying excellent views of the surrounding area and the nearby lakeshore.

In addition, the decision to renovate rather than demolish and build anew ensures that future generations can enjoy the beautiful architecture of this historic building.

Obligation Amount:
$650,000 Section 538 Rural Housing Loan Guarantee
Year(s) of Obligation:
Congressional District:
Benishek, MI-1