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.
“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.
###