Exchange Building loans extended due to construction delays

Kalamazoo and Battle Creek
exchange building

The Exchange Building in downtown Kalamazoo. (Feb. 25, 2020)

KALAMAZOO, Mich. (WOOD) — The Michigan Strategic Fund Board on Tuesday approved changes to loans granted to The Exchange Building project in downtown Kalamazoo.

The interest-only periods on some loans were extended into next year. The project now has a completion deadline of Dec. 13, 2020.

State documents say the delays were because of problems with the contractor. The building is now working directly with subcontractors to finish the project.

Ground was broken on the Exchange Building site in May 2017; the project had been in the works since 2011.

The 15-story building will have 130 apartments and commercial space. Some tenants have already moved in.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Know something newsworthy? Report It!

News 8 Links