240-unit apartment development coming to Grand Rapids
GRAND RAPIDS, MI — Site work is expected to begin Dec. 19 on a 240-unit workforce housing development near the corner of Lake Michigan Drive NW and Maynard Avenue NW.
The project, known as HoM Flats at Maynard, is being developed by Wyoming-based Magnus Capital Partners. It will consist of seven buildings containing a mix of one-bedroom, two-bedroom and three-bedroom units.
Financed through the state’s low-income housing tax credit program, the units will be restricted to households earning up to 80% of Kent County’s area median income. For a two-person household, that’s an annual income of $57,280, according to figures from the Michigan State Housing Development Authority.
“Our HōM Flats properties are addressing the nationwide housing crisis,” said Magnus CEO Vishal Arora. “Wage growth is not keeping pace with the rise in housing prices, and there’s simply not enough housing to keep up with the demand. With HōM Flats, we deliver equitable and high-quality housing solutions for everyone – no matter their income level.”
Estimated monthly rental rates for the units will range from $523 to $1,069 for a one-bedroom; $625 to $1,280 for a two bedroom; and $717 to $1,474 for a three bedroom.
The apartments will include a host of amenities.
They include a fitness and yoga studios, a cafe, rooftop lounge, indoor and outdoor play spaces for children, indoor bike storage with air and repair space, game room, indoor and outdoor dog parks, pet spa, and walking paths and green space.
In a news release, the developer said the Lake Michigan Drive location was chosen because it offers “convenient access to bus routes, grocery stores and employers, making it highly desirable.”
The first units are expected to be completed and open to tenants in spring of 2024. The whole project is expected to be complete by the end of 2024, Arora said.
HoM Flats at Maynard is at least the third project from Magnus Capital Partners.
The firm opened HoM Flats at 28 West in Wyoming in 2020, and HoM Flats at Felch Street in Holland opened in 2021.
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