Chelsea Bossert/Daily Mining Gazette Construction of the new UP State Bank building at 902 College Ave. is carrying on during the winter months, with an expected complete date of this summer.

HOUGHTON — The new development on 902 College Ave., headed by Houghton based Moyle Construction, is making steady progress on the construction of a new UP State Bank building, as well as housing at Franklin Square, says City Manager, Eric Waara.

According to Waara, the new bank building should be open in late summer or early fall and the housing development on the property is expected to be finished in early 2027.

In 2023, The City of Houghton became interested in selling the former Keweenaw Chamber of Commerce office on College avenue; there was one condition.

They wanted to make sure that the development of the property coincided with their goals of having both business and attractive housing on the property a reality.

Houghton was in the thick of developing their Master Plan for city development in 2023. While this was happening, the city rezoned the College avenue property in order to fit it within their new goals.

According to Waara, when UP State Bank reached out with an offer to buy the property, Houghton was excited for someone to use the property productively and within their vision.

“[UP State Bank] also agreed to a condition that, yes, they could build a new bank on part of the property,” he said. “But then they’re going to have a development agreement in pace with us that says either they or someone they’re partnering with is going to build housing there as well.

That partner was Moyle Construction.

As City Manager since 2014, Waara has been at the head of several Master Plans for Houghton. This most recent iteration runs from 2024-2028.

“It’s always been part of the city’s Master Plan to see underutilized properties, especially in the downtown area, developed,” he said. “What [the Master Plan] does is it lays that groundwork for the city.”

In the last few years of his tenure, Waara has looked at what people who live in Houghton want for the downtown area. The answer is more housing.

“The world changes — business comes and goes, culture changes, transportation changes and needs change,” he said. “More housing was not as acute of an issue 20 years ago as it has become.”