Tuesday, February 06, 2007

Recreational Land as ED

Several communities have embraced the idea of developing recreational land and lakes into second home sites, hoping to develop it further into a proactive economic development effort when those second home owners decide to set up new businesses. Ludington, MI (population 8,357) got such an opportunity last fall when Consumers Power decided to unload excess land around one of their power plants on Lake Michigan.

Dividing the property into 35 parcels that ranged in size from 1.7 up to 7.7 acres, Westchester Real Estate sold the property from $33,800 to $208,000/acre for a total of over $15 million. More importantly, 35 new upper end homes will be built in the community, adding to its economic base, and, hopefully resulting in more new businesses in Ludington.

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