Ele’ Louise LLC is a startup Community Real-estate Investment Trust headquartered at 2513 Peck Street in the City of Muskegon Heights, Michigan. It will be a Community Real Estate Trust that will offer low income residents within the City of Muskegon Heights the opportunity to affordably invest in their own community.
The purpose of Ele’ Louise LLc Community Real Estate Invest Trust is to help in the revitalization of the Muskegon Heights community by doing the following:
1. To implement public infrastructure improvements in the area.
2. To eliminate and prevent adverse conditions which are detrimental to the public
Health, safety, morals and welfare of the residents within the target area.
3. To enhance the tax base of the City of Muskegon Heights by encouraging private investment in the surrounding areas.
4. To stimulate construction and development and generate tax revenues for the area, which would not occur without Tax Increment Financing Assistance.
5. To cause the construction of approximately 12,000 square feet of retail and 10,000 square feet of office/apartment spaces and infrastructure.
6. To increase employment opportunities within the Muskegon Heights community.
Description and History:
Joe Rone formed Ele’ Louise LLC, a REIT or Real Estate Investment Trust in December 2018 as a Corporation in the state of Michigan.
A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate.
Unlike REITs, which typically attract the wealthy, the “Shoppes on Sherman” pilot is aimed at low-income investors in the neighborhood. We want to turn the REIT model on its head by creating a small, safe, local and low-dollar investment opportunity for all within our community to participate in.
The Redevelopment plan contemplates the construction of mixed-use developments consisting of office and retail space. The project will encompass 5 targeted areas, or redevelopment plans, as well as certain off-site infrastructure improvements depicted on Site Maps. (To be provided)
Briefly, they are as follows:
Area 1 – Codename “Tiger Plaza”. Development of a Strip Mall located within the City of Muskegon Heights Comprehensive Master Plan.
Area 2 - Opportunity Zone– Codename “ML King Place”. Development of a Mixed Use Community located within the City of Muskegon Heights Comprehensive Master Plan per PUD designation. This will include the repurpose of the Old ML King Elementary School.
Area 3 – Codename “Tiger Pride” - Provides for the construction of 6 apartments and 6 storefronts in a mixed use zone – Plaza format.
Area 4 – Codename “Tiger Den” - Provides for the construction of 3 apartments and 3 storefronts in a mixed use zone with Multigenerational & Single Family home sites.
Area 5 – Codename – “Tiger Paw” - Provides the neighboring business owners with opportunities to upgrade their business facades
Area 6 – Codename – “Tiger Food” - Hydroponics, or growing plants in a nutrient solution root medium, is a purpose built environment growing area of commercial food production and can be used for locale food production by the state-of-the-art techniques for producing food in a controlled, soilless setting.
The Core Communities designation provides the community with three economic development tools:
Brownfield Redevelopment Incentives
Obsolete Property Rehabilitation Exemption
In the City of Muskegon Heights, according to 2016 Census, there are a little more than 10,795 Muskegon Heights residents. This is also within the zip code of 49444. Of this number, there are only approximately 6,500 that can follow a long-term path to collective ownership of this building in their neighborhood for as little as $10 and up to $100 per month. Market research shows that Muskegon Heights has increased demand additional retail & housing/ mixed use space.
The community that “Shoppes on Sherman” interacts with encompasses the City of Muskegon Heights in Muskegon County. This neighborhood is known as the “corridor to the lake shore”. This project seeks to bring new business to one of the most heavily traveled roads in the county with 12,000 cars per day passing the proposed location. Many of these cars represent persons who live outside of the immediate demographic area, who use Sherman Blvd. to travel around Muskegon County to various places of employment and entertainment.
We plan to market the available opportunity to invest in their own community to area residents who reside within the City of Muskegon Heights, emphasizing the low investment requirements and other benefits by participating in this REIT.
The community will the LEARN principles of personal finance in our interactive “Moving from Owing to Owning” class that covers budgeting, financial goal setting, the importance of good credit, and the risk & rewards of investing.
To be eligible for the Shoppes on Sherman project investment, you must:
• Live in zip code 49444
• Be at least 18 years old
• Have a tax ID number (TIN)
• Take the Shoppes on Sherman CIT “Owning Our Village” class
Total investment needed is (TBD) After taking the class, the investor can sign up through our online investment portal to INVEST $10, $25, $50 or $100 per month. Each month, this amount will be automatically withdrawn from your bank account to purchase shares in the “Shoppes on Sherman” CIT. Once the CIT is fully liquid, it will obtain a Letter of Credit from a local community bank.
Investors will profit through dividends received. The CIT Board is required to declare a minimum annual dividend of no less than 2% of the share price.
- Tammy Sanders
- Shenitha Boyd
- Bryant Briggs
- Tanya Richison
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