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Michigan Community Capital invites community to celebrate the completion of Broadway Lofts with special event and property tours

FOR IMMEDIATE RELEASE
January 14, 2022

LANSING, Mich. – Broadway Lofts, a new-mixed-use, four-story building located at 410 West Broadway Street, plans to hold a grand opening celebration on Tuesday, February 8, 2022. The project marks the largest new development in 40 years in downtown Mt. Pleasant. It was announced in 2019 and started construction in May of 2020. Although impacts of COVID-19 created delays and hurdles for the build, residents were able to begin moving into the building last week.

Broadway Lofts Grand Opening in Mt Pleasant Michigan hosted by Michigan Community Capital on Tuesday, February 8, 2022.

“Projects like this one are never easy, and development has become even more challenging because of the pandemic,” says Marilyn Crowley, vice president of investments for Michigan Community Capital, the project developer. “Thank you to all of the contractors that worked on this project and stayed safe by following our onsite safety protocols.”

The building is designed to be a long-term investment into the fabric of the downtown. It has 48 energy-efficient apartments with modern finishes including large windows, stainless appliances, quartz countertops, in-unit washers and dryers, and tile backsplashes. Studio, one-bedroom, and two-bedroom lofts start at $875 per month. Broadway Lofts is currently more than 37% leased and actively accepting applications.

“This project is a prime example of a public-private partnership which resulted in new investment on a vacant parcel of prime commercial real estate in our downtown,” said William R. Mrdeza, community services and economic development director for the City of Mt. Pleasant. “Development of the site has been a priority for the City since at least 2006 when the adjacent historic Borden Creamery building was renovated to house City Hall. Since that time, the City’s vision for the site was a multi-story, mixed-use building, and we finally found the perfect partner in Michigan Community Capital that allowed us to make that vision a reality. We anticipate that this development, along with its residents and local co-op grocery store, will bring additional vibrancy to our downtown and will be a catalyst for additional investment,” Mrdeza continued. “We are thrilled to welcome Broadway Lofts to the community!”

The project received wide-spread city support with a reduced sale price of the land as well as approval of a Neighborhood Enterprise Zone Abatement and a Commercial Redevelopment Abatement. Additionally, the project received state support in the form of a low-interest loan from the Michigan Economic Development Corporation (MEDC) and grant funding from the Michigan Department of Environment, Great Lakes, and Energy (EGLE).

“The Broadway Lofts project will transform vacant property into a unique and vibrant place in downtown Mt. Pleasant, while also bringing healthy food options and needed housing for area residents,” said MEDC Senior Vice President of Community Development, Michele Wildman. “At MEDC, we are committed to supporting transformative projects that help create vibrant, resilient communities, while supporting our strong economic recovery statewide. We are pleased to collaborate with Michigan Community Capital and other partners on this project, which will help make Mt. Pleasant an even more attractive place to live, work, visit, and play.”

Broadway Lofts secured a loan from National Cooperative Bank and a New Markets Tax Credit allocation from Cinnaire and PNC because of the project’s positive impact including bringing housing and healthy food access to a low-income census tract.

“The grand opening of Broadway Lofts demonstrates the positive impact that public and private partnerships can have on communities,” said Tim Salisbury, PNC regional president for mid-Michigan. “PNC is committed to this region and proud to have supported this project through our Tax Credit Solutions Group’s $3.6 million New Markets Tax Credit investment.”

“Our team is proud to collaborate with the many partners that brought this project to life,” said Mark McDaniel, Cinnaire president and CEO. “Broadway Lofts highlights the meaningful impact created by bringing public and private resources together to support transformative community projects. The New Markets Tax Credit continues to be an effective tool driving capital to disinvested neighborhoods and providing affordable housing and economic development to communities that need it most.”

Occupying roughly 10,000 square feet on the first floor is GreenTree Co-op Market. In their new larger space Green Tree is able to reach more shoppers and expand services that include a discount program and enhanced membership for Bridge Card and Snap Participants, serve more senior residents, and provide educational programming around healthy food.

“Our relocation and expansion plans began almost a decade ago. As a community-owned grocery store, we needed a supportive and willing project partner and Michigan Community Capital proved to be just that. We are so excited to expand our impact: creating more living wage jobs, supporting small farmers and producers and expanding healthy food access.

The grand opening will celebrate the project as an example of how public-private partnerships can help bring community investments and access to healthy food in low-income and rural census tracts.

The grand opening event will start at 4:00 p.m. on Tuesday, February 8, 2022. Project partners will briefly recap the project followed by residential unit tours and GreenTree Co-op Market tours. The event is open to the public and will follow protocols detailed and updated by the CDC and the local health department.

About Michigan Community Capital

Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

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Michigan Community Capital among CDE’s supporting Tommy Car Wash Systems development with New Markets Tax Credit allocations

January 3, 2022

FOR IMMEDIATE RELEASE

LANSING, Mich. – Tommy Car Wash Systems will expand its manufacturing capacity by constructing a new headquarters and manufacturing facility with $13 million in New Markets Tax Credit (NMTC) allocated from Michigan Community Capital (MCC) last week.

The site chosen for this expansion has been sitting vacant for more than 20 years along Waverly Road in southeast Holland, Michigan. The new $32.6-million development will include a roughly 245,000-square-foot building to house production space, assembly area, office space and a demonstration center. Tommy Car Wash Systems will occupy 85% of the resulting space, and Tommy’s Express will use the rest for offices. The corporate offices will also allow franchise owners from across the country to come to the corporate office for meetings and training.

Tommy Car Wash Systems’ expansion will create or retain over 300 new full-time equivalent jobs in a census tract where 34.8% of the population falls below the poverty line. More than 200 of these jobs are accessible to people with accredited education under a four-year degree.

As a recipient of the New Markets Tax Credit allocation, Tommy Car Wash Systems will continue to provide training opportunities to new and existing employees; make available opportunities for advancement to employees, including employees with lower levels of education; utilize recruitment partnerships with Holland Rescue Mission, Western Michigan Adult and Teen Challenge, 70 x 7 nonprofit, Preferred Solutions, and Grand Valley State University.

“Tommy’s is looking forward to bringing this modern building design normally found in larger cities to Holland, Michigan,” said Ryan Essenburg, President and Chief Innovation Officer at Tommy Car Wash Systems and Tommy’s Express Car Wash. “From this location, we will be able to remotely monitor and control hundreds of car wash locations all over the world with new state of the art technology. The rapidly growing Tommy’s Express Car Wash brand has driven ground-up development growth never before seen in the car wash or franchise industries. We’re very grateful for the New Markets Tax Credit program supporting this project and all the organizations that participated in making it happen.”

Phase I project costs for the Tommy Car Wash System expansion are expected to be roughly $32.6 million; Michigan Community Capital will provide $13 million in New Markets Tax Credit allocation.

“Tommy Car Wash Systems is an impactful employer in the area,” said Eric Hanna, President and CEO at Michigan Community Capital. “Supporting this project means supporting over 300 positions and utilizing a property that has been vacant for over 20 years. Tommy’s commitment to creating high-quality employment opportunities and on-the-job training aligns with the values of Michigan Community Capital.”

Cinnaire and Old National Bank are also supporting the project with New Markets Tax Credit allocation.

“At Cinnaire, we make it a priority to advance healthy communities,” said Peter Giles, Cinnaire Vice President, Business Development. “Access to high-quality job opportunities is one of the most important components of a healthy community. Tommy Car Wash Systems has a 50-year history of providing employment opportunities that allow team members to build their skills with an innovative company focused on giving back to the communities it serves. The New Markets Tax Credit will support Tommy Car Wash Systems to revitalize a blighted property while creating economic impact, supporting job growth, and strengthening the Holland community. This project is a prime example of how the NMTC brings capital to communities that need it most and we look forward to seeing the vision of this new facility become a reality.”

In addition to Old National Bank’s $7-million NMTC allocation, they are also serving as a tax credit investor in the project.

“Old National is privileged to be a part of the financing team for this project,” said Mike Harbaugh, Vice President at Old National Bank. “One of the focuses of Old National’s New Markets Tax Credit platform is investing in businesses that create jobs in distressed communities. This site location has been vacant for some time, and is in an area with a 34.8% poverty rate. The new facility will allow Tommy’s to scale their business while providing quality and accessible jobs for people in West Michigan. Tommy’s will also continue to build on its employee training and advancement opportunities with this expansion, and the ONB team is excited to see it all take shape.”

Fifth Third Bank is supporting the project as a direct lender and leverage lender.

“Our team at Fifth Third is grateful for the opportunity to support Tommy’s as they make this important investment in their business,” said Scott Lubbers, Senior Vice President of Commercial Banking at Fifth Third Commercial Bank. “Tommy’s growth will continue to benefit our economy for years to come.”

To learn more about Tommy Car Wash Systems, visit tommycarwash.com.

About Michigan Community Capital

Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

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Michigan Community Capital, in partnership with Uptown Redevelopment Corporation, is proud to announce the development of two single-family houses and two duplexes in Flint’s historic Carriage Town neighborhood.

Located on vacant lots in the heart of the neighborhood, the six new housing units will be some of the first new construction in Carriage Town in nearly a century. By developing these houses on strategic parcels within the neighborhood, our goal is to stabilize the residential housing market, build on the neighborhood’s strong sense of community, and provide a proof of concept for future investment in Carriage Town.

412 W. Second Ave. was formerly a multifamily apartment complex that has been demolished. This project will construct two walk-up duplexes that fit into the scale and character of the neighborhood for a total of four for-sale units. Each 3-bedroom, 2-bathroom unit will be approximately 1,250 square feet and will feature a front porch, rear garage, and high-quality building materials. A small condo association fee will cover common area maintenance and landscaping. We anticipate each condo to appraise for $150,000, which is affordable to a buyer earning $55,000 annually.

Across the street, the vacant parcels at 427 & 417 W. Second Ave. will be redeveloped into 3-bedroom, 2.5-bathroom single family homes. We anticipate these 1,500 square feet homes to appraise for $170,000, which is affordable to a buyer earning $66,000 annually.

This development could not be built without community support. In addition to our partnership with Uptown Reinvestment Corporation, we’ve worked closely with the Genesee County Land Bank, who currently owns the parcels, as well as the Carriage Town Historic Neighborhood Association, who provided feedback on design and construction quality.

“These homes can act as a fine example of new construction within the district,” said Nick Kedovary, President of the Carriage Town Historic Neighborhood Association. “We are sincerely grateful for what felt like a true desire for neighborhood engagement and buy-in from Michigan Community Capital and Uptown Reinvestment Corporation.”