Precise and accurate atomic mass data provide crucial information for applications in a wide range of fields in physics and beyond, including astrophysics, nuclear structure, particle and neutrino physics, fundamental symmetries, chemistry, and metrology. The most precise atomic mass measurements are performed on charged particles confined in a Penning trap. Here, we describe the development, status, and outlook of CHIP-TRAP: the Central Michigan University high-precision Penning trap. CHIP-TRAP aims to perform ultra-high precision (∼1 part in 1011 fractional precision) mass measurements on stable and long-lived isotopes produced with external ion sources and transported to the Penning traps. Along the way, ions of a particular m/q are selected with a multi-reflection time-of-flight mass separator (MR-TOF-MS), with further filtering performed in a cylindrical capture trap before the ions are transported to a pair of hyperbolic measurement traps. In this paper, we report on the design and status of CHIP-TRAP and present results from the commissioning of the ion sources, MR-TOF-MS, and capture trap. We also provide an outlook on the continued development and commissioning of CHIP-TRAP.