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Moyle Real Estate Development announced last Friday that it has officially purchased the former Jutila Center in Hancock. Moyle has begun to develop partnership plans with existing tenants that will make the building financially viable. As well as has begun to develop ideas for the community asset. Built in 1949 the Jutilia Center stands nine stories housing 140,000 square feet of space. Looking into the future of the site Moyle Development recognized the Jutilia Center’s need for ownership within the community. The MTEC SmartZone operates on the Jutilia Center’s fourth floor, and Moyle plans to work with the current 15 other tenants of the building on future uses. Some of Moyle’s initial plans for the site will include an exterior shell to revitalize and provide updates to the structure and related installations. Those interested in learning more about Moyle Real Estate’s purchase of the Jutila Center can find the developer’s full statement below.
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Moyle Real Estate and Development (Moyle Development) is pleased to announce the purchase of the former Jutila Center in Hancock, Michigan. We are developing a plan in partnership with existing tenants to create a building that will be financially viable. While excitement remains high to develop an asset to area businesses and the community, strong community and municipal support is required for this project to be a lasting success.
Built in 1949, the Jutila Center stands nine stories tall, and encompasses over 140,000 square feet. Had this property been abandoned, much like the former hospital in Marquette, it could easily cost the local government millions of dollars to demolish. Looking at options and a lack of interest in the entire building, Moyle Development recognized the distinctive features of the building and was willing to engage and contribute to the overall redevelopment of the building. Of note, the Jutila Center is already a condominium, with the fourth floor owned and utilized by the MTEC Smart Zone. We have elected to work with the current 15 stakeholders of the building to plan for the future use of the overall structure.
As has been widely reported, the Jutila Center’s prior operation was unsustainable. According to the financial statements provided, it operated at a loss in excess of $300,000 per year which did not include any real estate taxes. Substantial operational changes and community and local municipal cooperation will be required to positively alter the trajectory of the building. This is where our plan for facilitating development comes in!
Moyle Development’s plan for the former Jutila Center is to revitalize and provide critical updates to the exterior shell of the building. Partial renovations were last completed in 2004. Moyle Development plans to revitalize the exterior façade, add insulation to the exterior, install new windows, and add a new roof to improve long-term stability to the building structure.
Following the major investment in the key structure shell items, Moyle Development knows the building will be desirable to enterprising business owners. The development plan includes some of the individual floors being sold in their current condition and built-out by individual floor owners, or as turn-key spaces. The plan is to create a multi-use building, including existing and new professional offices, instructional space, lab space, and even residential housing. This business condominium arrangement will enable the building to have new life without a single company overextending in the development of the 74-year-old building. There is a lot of interest in the building, for individual spaces and full floors, but it has proven to be logistically too much for anyone to commit to the building as a whole. Moyle is committed to facilitating an active partnership with the community to ensure the sustainable future of this property.
While plans progress, Moyle Development is excited to rejuvenate this building and generate an asset that will positively contribute to the City of Hancock. Our area is a choice destination for growth, and we understand an existing need for office space among our professional community. As a steward of the Keweenaw, we intend to lead this revitalization initiative. As we continue forward, Moyle Development looks forward to enlisting our wider city leaders, professionals, and concerned individuals to join us in that effort. It will take all of us to shape a viable path forward for the new Skyline Commons!
