GRAND HAVEN — A planned 124-unit apartment development in Grand Haven has been approved for a Michigan Community Revitalization Program loan for $4.75 million along with $1.38 million in brownfield incentives.
The Peerless Flats development — led by East Lansing-based River Caddis Development LLC with First National Bank of Michigan as its lender — was approved by the Grand Haven City Planning Commission on Jan. 12.
Plans on the 4.7-acre parcel at 105 Fulton Ave. call for 124 market-rate apartments ranging in size from efficiency to two-bedroom units. Nine condominium units are also planned along Second Street.
The project is estimated to result in a total capital investment of $24.75 million. The developer sought incentives for the project because of financing gaps resulting from the current cost of construction, high cost of site preparation, and infrastructure activities including the demolition of four existing buildings on the site.
The multi-family development is planned on the former Stanco Metal property, which has been largely vacant since the late 1980’s.
The Michigan Strategic Fund board approved the loan and brownfield incentives during a Tuesday meeting. The City of Grand Haven Brownfield Redevelopment Authority was the entity approved for a Brownfield Act 381 Work Plan for the state tax capture of $1.38 million to reimburse for MSF eligible activities. The loan of up to $4.75 million of a total $20.25 million in construction will be used to help offset environmental clean up and remediation on the site.
Amenities planned for the project include a community building in the center of the property, an outdoor fireplace, a fenced-in dog park, bike racks, an area for residents to receive packages, and pedestrian crossings on the streets bordering the development.
Construction is planned to be in a single phase and is estimated to be completed in the summer of 2022.
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