GRAND RAPIDS — A New York City-based developer is set to break ground this month on a 240-unit, $51.5 million multifamily housing development along Lake Michigan Drive.
Leasing for Magnus Capital Partners’ HoM Flats at Maynard apartment project, located at 3059 Lake Michigan Drive NW, could begin in the second half of 2023. The development will contain one-, two- and three-bedroom apartments across seven buildings. The development aims to cater to renters earning between 40 and 80 percent of the area median income, said Magnus Capital Partners CEO Vishal Arora.
“HoM Flats at Maynard sort of embodies the best of socially responsible housing solutions by providing that unique intersection of high quality design and lifestyle amenities that are sought after universally at achievable, accessible price points,” Arora told MiBiz. “We’re thrilled to be able to offer this product at a time of economic uncertainty when people may feel they are getting backed into a corner and don’t have choices.”
HoM Flats at Maynard amenities for residents will include fitness and yoga studios, a cafe, rooftop lounge, playspaces for children, bike storage, a game room, indoor and outdoor dog parks, a pet spa and walking paths around the 13-acre site.
Hooker DeJong Inc. of Grand Rapids is the project architect and Kentwood-based Rohde Construction Co. Inc. will serve as the general contractor.
Magnus Partners has developed two other workforce housing projects in West Michigan: HoM Flats at 28 West in Wyoming and HoM Flats at Felch Street in Holland, with an additional project in the works in Holland. The first phase of HoM Flats at 28 West opened in 2020 and the second phase opened in 2021. HoM Flats at Felch Street opened in 2021.
Magnus Capital Partners is looking at other properties in West Michigan for similar projects, but the real estate investment firm is in the early planning stages, said Arora, who was born and raised in West Michigan.
The Grand Rapids project first came before the city of Grand Rapids Planning Commission in 2020. The planning commission approved a major amendment to the planned redevelopment district for the site, which was initially designated for 24 single-family homes.
The Michigan State Housing Development Authority approved construction financing for the HoM Flats at Maynard in March this year, as well as a subsequent $5.3 million increase in loans and $11.1 million for short-term bridge financing. Magnus Capital Partners requested the additional funds because of a $7 million increase in soft and hard construction costs. The project also received Low Income House Tax Credits in November.