Hagerty Insurance will delay, but increase, size of new building
As part of Traverse City's nearly $8 (M) million dollar commitment to an Old Town Parking deck, Hagerty Insurance has been working on plans for a $7.7 (M) million dollar expansion: a 22,000 square foot building, just west of their current office headquarters.
But those plans have changed. Hagerty will now break ground on a 44,000 square foot building - twice the size of the original project. The change in plans will delay construction. Hagerty had an agreement with the City to complete the building by the end of 2010. But doubling the size of the project meant re-working the plans. And the City has now given Hagerty until June of 2012.
Despite the delay, Hagerty will still pay taxes on the building in the original expansion plans, even though that building won't even exist until 2012.
As for new jobs? Right now Hagerty employs more than 400 people. CEO Kim Hagerty says the new building should mean at least 225 new jobs over the next seven years.
