Rendering Courtesy LINC UP
A nonprofit is working on a $6.5 million affordable housing project.
LINC UP broke ground in late October on a 26-unit building at 139 Burton St. SE in Grand Rapids.
Called West Garfield, the 27,248-square-foot building will contain nine one-bedroom apartments averaging 743 square feet, 12 two-bedroom apartments averaging 917 square feet and five three-bedroom apartments averaging 1,038-square-feet.
Rent costs, including estimated costs of gas and electric, are estimated at $435-$750, $520-$960 and $800-$1100, respectively.
Work began on the project the same day that LINC UP finished a $9.4 million affordable housing building across the street.
“The need for affordable housing in Grand Rapids is so great that we cannot wait one day before starting our next development,” said Jeremy DeRoo, executive director, LINC UP.
LINC UP anticipates that the building will be fully leased as soon as pre-leasing opens in spring 2020.
Orion Construction is the contractor on the project. Isaac V. Norris & Associates is the architect.
There is a focus on using the project as an economic catalyst through the hiring of local subcontractors, suppliers and laborers. Roger Rehkopf, Orion Construction president, said this and the other LINC UP housing project will result in more than $4.5 million going to local and minority companies.
Alliant Capital was the equity investor of $5.5 million for the project. Fifth Third Bank was the construction lender of $4.1 million. IFF Capital Solutions was the permanent lender of $500,000. The city of Grand Rapids provided HOME and brownfield grant support of $400,000.