The old orphanage in south Marquette has been an eyesore for years as it has sat empty and dilapidated, but a recent proposal for redevelopment has potential for success.

The downstate Farmington Hills firm Home Renewal Systems LLC has hopes of doing a $15-million renovation of the building, which sits on the corner of Fisher and Altamont streets.

There have been several proposals for reuse of the building over the past three decades or so, but all have fallen by the wayside for one reason – a lack of funds.

It was even deemed too expensive for the city to tear the building down when it was considered because of mounting delinquent taxes. Furthermore, the demolition costs would most likely never be recovered from the previous owner, who lost the building to foreclosure.

This time around, the developer has plans to create a 55-unit housing complex for veterans and low to moderate income families.

There is certainly a need for such housing in our community, and satisfying that need while transforming the abandoned building into a functioning one would be a double victory.

A step in making the proposal a reality was made earlier this week when the Marquette City Planning Commission approved a conditional use permit for the project.

There were some valid concerns raised by nearby residents at the planning commission meeting, though, including environmental issues involving asbestos and lead paint, excess traffic on adjacent streets and the screening process for potential residents.

Officials connected with the project seemed to allay those fears, although continued monitoring of developments in those areas will be needed.

Another question about the project is funding for it, with the $15 million price tag being a substantial investment in an aging building.

According to the developer, a portion of the funds for the project would come from federal low income housing and historic rehabilitation tax credits.

We’re not sure what percentage of the cost those credits could potentially cover, but we certainly hope the majority of the project would not be paid for with public money.

Ideally the renovation would be paid for with a mix of the aforementioned tax credits and private financing, with the results of a modern housing complex serving a need in the community and contributing to the city’s tax base.