Birchbark renovation open house

The Cook County Real Estate Fund (CCREF) has poured a lot of resources, time and money into renovating the former Birchbark Books & Gifts building in downtown Grand Marais and although the building isn’t complete, they held an open house for the public on Monday, June 26.

Total cost of the renovation is $1.5 million.

When finished the 1st and 2nd Thrift Store will have 2,600 square feet of space and The Title Team 1,700 square feet. Six office spaces will be for rent in the back of the building, with one of those spaces already taken.

Located at 11 1st Avenue West Grand Marais, the CCREF formed a community partnership with REVocity and acquired the 6,500 square foot building in August 2022. The entire building, electrical and plumbing, including roof, was redone by local contractors.

In April 2022 the CCREF purchased 2.97 acers along Highway 61 about one mile west of Grand Marais. Plans are to break ground in 2024 on a multifamily apartment with potential for a two-phase housing development on the property.

To date there are 32 investors in CCREF with a total capital committed at $1.39 million. The goal is to reach $3 million in the fund.

Based in Northfield, Minnesota, REVocity will manage the oversight and governance of the Fund investment properties while the CCREF will find buildings and land that have potential for development.

General Partners in the Cook County Real Estate Group include Howard Hedstrom, former president of Hedstrom Lumber Company; Ann Possis, WTIP Community Radio, Program Director; Gary Latz, A2B Fulfillment-VP of strategic affairs; Jeff Latz, former owner of Clearview General Store in Lutsen; Roger Opp, former bankers CoBank ACB; and Steve Surbaugh, Cascade Vacation Rentals, owner and general manager and Tim and Beth Kennedy, former owners of Birchbark Books & Gifts. REVocity owns 51 percent while the Cook County Real Estate Group owns 49 percent of the assets.

What is a community real estate fund?

According to the information supplied by CCREF at the open house, “The Cook County Real Estate Fund is an impact investment opportunity for people from the community including individuals, businesses, and non-profit organizations with investment portfolios to invest in their own backyard. It is a locally driven investment fund, focused on enhancing the community where people live, work and play. To date the Cook County Real Estate Fund has raised nearly $1.4 million from over 30 investors and looks forward to raising additional capital to make a larger impact in the community.”