GRAND RAPIDS — Nonprofits LINC Up and Dwelling Place, along with general contractor Orion Construction Co. Inc., broke ground today on the second phase of an affordable housing development in Grand Rapids’ Garfield Park neighborhood.
The $6.5 million West Garfield Park development includes 26 residential units at 100 Burton St. SE. The units are available to residents making 30-60 percent of the area median income, and will rent between $550-$800 per month. The project is directly across from Garfield Park Lofts, the first phase of the affordable housing project, which has already been completed.
“The need for affordable housing in Grand Rapids is so great that we cannot wait one day before starting our next development,” LINC Up Executive Director Jeremy DeRoo said in a statement.
Orion is responsible for the construction of the West Garfield Park project, which was designed by architecture firm Isaac V. Norris & Associates PC of Grand Rapids.
Equity investor Alliant Capital based in Buffalo, N.Y. invested $5.5 million in the project. Fifth Third Bank served as the construction lender with a $4.1 million loan. Chicago-based IFF Capital Solutions is the project’s permanent lender with $500,000.
The city of Grand Rapids also assisted the project with brownfield funds and other funding totalling $400,000.
LINC Up estimates pre-leasing for West Garfield Park will open in spring 2020.
All of the 34 apartments at neighboring Garfield Park Lofts are leased. That building was the first new commercial construction in the neighborhood in nearly three decades.