Category: Property Updates

ALDI Coming to Two Rural Michigan Communities

Alpena and Clare soon to welcome ALDI Grocery Stores

FOR IMMEDIATE RELEASE

March 18, 2024

LANSING, Mich. – ALDI is investing approximately $9.9 million to bring two new locations to rural communities in Michigan. ALDI will build and equip the two new stand-alone grocery stores in rural Michigan communities that together, will comprise approximately 42,900 square feet of space and feature a range of products including fresh meat and seafood, organic produce, and pantry essentials. The developments are being supported with an $8-million New Markets Tax Credit allocation from Michigan Community Capital.

ALDI is one of America’s fastest growing retailers and offers shoppers groceries at everyday low prices in more than 2,300 stores in 38 states. ALDI focuses on the groceries commonly purchased by shoppers, primarily under its exclusive brands, and is committed to providing customers with the highest quality products at the lowest possible prices. ALDI strives to reduce the company’s impact on the environment through an energy efficient store design, including state-of-the-art lighting and refrigeration systems that have reduced energy features and environmentally friendly building materials.

ALDI will bring grocery stores to Alpena and Clare, both rural Michigan communities where increased affordable, fresh food is greatly needed. Approximately 20 new full-time equivalent positions will be created to support the new stores. All positions will be accessible to individuals without a four-year degree and will provide industry-leading benefits including competitive wages, health insurance, 401(k) program and paid time off.

“Michigan Community Capital is committed to leveraging our tools to bring healthy fresh food to underserved communities in Michigan,” said Eric Hanna, president and CEO at Michigan Community Capital. “Alpena and Clare have both identified bringing more grocery options to their community as a high priority, and we are proud to partner with ALDI as they expand their footprint into Michigan rural markets.”

New Markets Tax Credits are a federal subsidy tool administered by the U.S Department of Treasury and designed to attract capital to projects that support low- and moderate-income households and communities. Michigan Community Capital (MCC) is the only Community Development Entity (CDE) that deploys this resource entirely in the state of Michigan. Since the organization’s formation in 2005, MCC has secured a total of $445 million in tax credit allocation through competitive rounds to support Michigan businesses and communities. MCC uses NMTC’s to support job creation, access to healthy food, and mixed-use projects that include mixed-income housing and commercial businesses that benefit low-income households.

U.S. Bancorp Community Development Corporation is serving as the New Markets Tax Credit investor on this project.

About ALDI

ALDI is one of America’s fastest-growing retailers, serving millions of customers across the country each month. Our disciplined approach to operating with simplicity and efficiency gives our customers great products at the lowest possible prices. For seven years running, ALDI has been recognized by the dunnhumby Retailer Preference Index as #1 in Everyday Low Price.* ALDI strives to have a positive impact on its customers, employees and communities by being socially and environmentally responsible, earning ALDI recognition as a leading grocer in sustainability.** In addition to helping protect the planet, ALDI helps customers save time and money through convenient shopping options via in-store, curbside pickup or delivery at shop.aldi.us. For more information about ALDI, visit aldi.us.

**According to Progressive Grocer’s 2023 Top 10 Most Sustainable Grocers list.

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. Since 2005, MCC has supported over $1.3 billion in project financing, successfully attracted $445 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units, 4.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion and has insured over 22,000 affordable multifamily doors. MCC drives community development impacts in four key areas: Real Estate Development, CDFI lending, New Markets Tax Credits, and affordable Property Insurance. michigancommunitycapital.org

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Award winning month for Michigan Community Capital

Two national awards and one statewide award name Michigan Community Capital as recipient in May 2023

FOR IMMEDIATE RELEASE
Thursday, June 1, 2023

LANSING, MICH. – May was a monumental month for Michigan Community Capital (MCC) who accepted three awards from two industry organizations. Two (2) New Markets Tax Credit (NMTC) investments led to receiving the Real Estate QLICI of the Year and Small Business QLICI of the Year designation from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year. Additionally, MCC’s Lofts on Rowe development received the 2023 Tax Credit Award from the Michigan Historic Preservation Network (MHPN).

For 18 years, Michigan Community Capital (formally Michigan Magnet Fund) has invested in transformational community development projects across the state of Michigan that create housing, jobs and access to fresh food through NMTC allocations. Since the organization’s inception, MCC has worked to advance these projects using the best tools possible, even if it means creating new tools or wearing new hats.

Starting in 2018, MCC has taken its lending and investment know-how and began development of projects starting with Cadillac Lofts. As of today, nine (9) properties developed and/or co-developed by MCC has led to investing more than $89 million in Michigan communities, creating 421 new residential units and 68 new permanent jobs, and activating almost 350,000 square feet of indoor real estate.

Being a community development lender has helped Michigan Community Capital become a diligent and lean developer, and their development experience has also influenced their lending and investment approach.

“We are honored to be recognized by our partners and friends at MHPN, and proud to be recognized nationally by Novogradac Journal of Tax Credits,” said Eric Hanna, president and CEO of Michigan Community Capital. “The MCC team works very hard to deliver projects that communities need, whether as a lender, developer, investor, or insurer. We are grateful to both organizations for recognizing our work and the impact it has on the communities we serve.”

2023 Michigan Historic Preservation Network Tax Credit Award

Lofts on Rowe

Michigan Community Capital’s development, Lofts on Rowe, was named the winner of a 2023 Tax Credit Award from the Michigan Historic Preservation Network (MHPN), and the award was presented in-person on Friday, May 12 at the 2023 MHPN Annual Conference on Mackinac Island.

After sitting vacant for nearly 30 years, the 1892-brick building fronting a full city block on the edge of a residential neighborhood just north of Ludington’s downtown was rehabilitated into 67 residential units. The building housed a series of manufacturing businesses, including Carrom wooden games and Haskell Canoe Company, and served as the headquarters for the Civilian Conservation Corps Camp Ludington in the 1930s.

The building’s industrial character is featured in the exposed interior brickwork and original wood beams. Amenities available to residents include a fitness room, bike storage, and on-site parking, and the ground level offers a commercial suite for local small businesses.

Utilizing historic tax credits, the $14-million project revitalized a long abandoned and neglected historic building in the heart of the neighborhood, giving the city and region a historic asset that will serve residents and community members for decades to come.

Michigan Community Capital served as the developer on the Lofts on Rowe project, and additional partners included Michigan Economic Development Corporation, Pennies from Heaven Foundation, PNC Bank, West Shore Bank, the City of Ludington and Mason County.

Two awards from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards named Michigan Community Capital.

Real Estate QLICI of the Year

The Freelon at Sugar Hill

The Freelon at Sugar Hill is an inclusive community for all Detroiters, reinforcing urban vitality in Midtown Detroit’s Sugar Hill Arts District. The $35-million project co-developed by the Preservation of Affordable Housing (POAH) and Develop Detroit, replaced a vacant lot across the street from the John D. Dingell VA Medical Center with 68 apartments, 11,900 square feet of retail space, and a 160-space parking garage. Of the 20 affordable housing units, 14 were created for veterans served by the U.S. Department of Housing and Urban Development’s HUD-VASH program through the Dingell VA Center. Another six apartments are set aside for those earning up to 80 percent of area median income. The mixed-use building supports inclusive growth within the historic district as a cultural, commercial, and residential destination.

MCC provided $6 million in NMTC allocation in partnership with PNC Bank, Building America CDE, and Cinnaire.

Small Business QLICI of the Year

Detroit Food Commons

The Detroit Food Commons is a new-construction development on the southeast corner of Woodward Avenue and Euclid Street in Detroit’s North End neighborhood. The two-story, 31,000-square-foot building will house the Detroit People’s Food Co-op – a community-owned grocery selling healthy, locally sourced food, a deli and bakery, and a neighborhood café – on the first floor. The second floor will house four teaching kitchens, a banquet hall/community meeting space and office spaces for nonprofit organizational use.

Located within a CDFI-qualified severely distressed census tract, the ground-level grocery will provide healthy, affordable options to more than 31,000 low–income community members and over 19,000 food desert residents within a 1.5-mile trade radius.

The nearly $20-million project spearheaded by non-profits Detroit Black Community Food Security Network (DBCFSN) and Develop Detroit (DDI) received $7 million in New Markets Tax Credits allocation from Michigan Community Capital in partnership with New Markets Support Company, and U.S. Bancorp Impact Finance.

The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) in the past year. The in-person award ceremony will be held at 9 am Eastern, Thursday, June 8, at the Fairmont Washington, D.C. Georgetown, during the Novogradac 2023 Spring New Markets Tax Credit Conference.

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 18-year history, MCC has supported over $1.2 billion in project financing, successfully attracted $380 million in federal New Markets Tax Credits, and helped to create over 1,350 housing units, 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion and insures over 22,000 affordable multifamily doors. 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.

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New homes in Flint’s historic Carriage Town neighborhood

View For-Sale Listings

WNEM TV5 – Published: Feb. 23, 2024 at 5:17 PM EST

New homes under construction in Flint’s historic Carriage Town neighborhood

From vacant lots to vibrant community homes

Wednesday, March 8, 2023

Six new houses are being built in Flint’s Carriage Town neighborhood thanks to a coordinated effort between Michigan Community Capital (MCC) and Uptown Reinvestment Corporation (URC). This project will be some of the first new construction of homes in this historic neighborhood in nearly a century.

The homes, which are being developed by Flint Home Ownership Initiative, LLC, will be located on West 2nd Avenue between North Grand Traverse and Mason streets on three parcels owned by the Genesee County Land Bank Authority. By developing houses on these strategic parcels within the neighborhood, project partners strive to promote homeownership, generate long-term tax revenue for the city, help stabilize the local residential housing market, build on the neighborhood’s strong sense of community, and model sustainable finance structure for future investments in Carriage Town.

Carriage Town is a fantastic neighborhood in the city of Flint that has a rich history and community character. We are proud to bring additional homeownership opportunities at a variety of price points to continue investment in this unique district.
Marilyn Chrumka, VP of investments at Michigan Community Capital.

At 412 West Second Avenue, a small condo association is being developed on the 1/2-acre site. The two sets of duplexes (four homes in total) were designed to fit into the scale and character of the neighborhood. Each 3-bedroom, 2-bathroom unit will be approximately 1,250 square feet and will feature a front porch, rear detached garage, and high-quality building materials. The condo association fee will cover common area maintenance, exterior home repairs, landscaping and snow removal.

“This project is a significant step forward for the Carriage Town neighborhood and the City of Flint. These six housing units are some of the first market-rate single-family homes built in Flint in nearly a decade. This public-private partnership aligned the unique resources of local, county, philanthropic, and federal stakeholders to provide safe and quality workforce housing. In addition, we are honored to work alongside neighborhood residents and organizational partners to contribute to the ongoing neighborhood investments in Carriage Town.”
Moses Timlin, MUPP, Development Coordinator at Uptown Reinvestment Corporation

Across the street, the vacant parcels at 417 and 427 West Second Avenue will each be redeveloped into a 1,500-square-foot, 3-bedroom, 2.5-bathroom, single-family home.

Thoughtful design on all of the homes reinforces the character of historic district through complementary new construction.

Construction materials include:

Slab on Grade Foundations
Wood frame, stick-built construction
Composite siding
Asphalt shingles
Anderson 100 Windows
Interior walls will be drywall & painted
Carpeted bedrooms
Luxury Vinyl Tile floor common areas
Quartz or granite Counters
Solid wood cabinets
Kitchen island
Tile backsplash in kitchen

Stainless steel kitchen appliances
- Gas stove
- Dishwasher
- Garbage disposal
- Microwave above stove
- Refrigerator
Fiberglass shower/tub
Washer/Dryer included
Duplexes come with single-car garage & two surfaced parking spaces
Single-family homes have garage add-on option for additional cost

This project is unique because it utilizes Brownfield Tax Increment Financing in partnership with the City of Flint to help offset the construction cost and the homes’ market-rate price. The project aims to be an example to encourage other investors to build new-construction homes on vacant lots in the city of Flint. In addition, the project showcases strong public-private partnerships by redeveloping Genesee County Land Bank Authority-owned parcels, which will be transferred to the private homebuyer upon sale. Lastly, this $2-million project uses a combination of public and private funding from the Community Development Finance Institution Fund, Charles Stewart Mott Foundation, URC and Michigan Community Capital.

This development could not be built without community support! The Carriage Town Historic Neighborhood Association provided valuable feedback and letters of support to obtain Historic District Commission and City Council Approval.

All six homes are anticipated to be listed for sale in January 2024 and are currently projected to range in price from $155,000 to $188,000.

For more information on this project, email info@livecarriagetown.com.

For Lease – Broadway Lofts Suite B

Starting at $1,900/month

1,250 square feet
14-foot ceilings
Designated parking for tenant
New construction
High traffic, ground level
Rough-in HVAC, plumbing, drywall and slab floor is already complete
Finished drywall is ready for paint
Tenant Improvement allowance or build to suit negotiable
Available for immediate occupancy

Suite B enjoys an entrance from the rear parking lot and a front entrance along the Broadway Street sidewalk for foot traffic. Large windows and glass doors offer an abundance of natural light.

The energy-efficient building is constructed of highly-durable steel and brick, and is located at 410 W. Broadway Street next to Mt. Pleasant City Hall and area park systems. Above the first floor are three floors with 48 modern lofts. GreenTree Coop Market is the neighboring commercial tenant on the ground-level, so delicious fresh food is only steps away.

Contact

Marilyn Crowley
Vice President of Investment
Michigan Community Capital
(517) 334-0967
marilyn@miccap.org

Construction underway on Grand Haven’s newest neighborhood

FOR IMMEDIATE RELEASE

MAY 17, 2021

LANSING , Mich. – Grand Haven’s newest neighborhood in the city limits broke ground earlier this month. The 30 single-family home development named Robinson Landing, will address an identified housing need by offering new construction homes priced from $139,900 to $279,900.

“This project is responding to a housing crisis we are seeing across the state,” said Marilyn Crowley, Vice President of Investment for Michigan Community Capital. “With construction prices skyrocketing and a large number of buyers, we are seeing a shortage of housing that is priced affordably for the majority of Michigan’s workforce. It took many partners to bring this project together, and we’re excited to see the result come to life.”

Housing Next, an Ottawa County based non-profit and housing advocate, commissioned a housing study in December of 2018 that identified moderately priced housing as a high-level need in Ottawa County. The report outlines significant growth in households earning an annual income between $40,000 and $74,000 that outpaces the housing supply.

“We are pleased to provide support for a project that is breaking down barriers to housing affordability and availability,” Housing Next Executive Director Ryan Kilpatrick said. “This innovative and transformative project – with owner-occupied units priced below $180,000 – is exactly what we need right now to help solve our region’s workforce housing crunch. Our communities have greater economic prosperity and job growth when families can find affordable housing.”

Formerly owned by the City of Grand Haven, the 7.5-acre parcel on Comstock Street will allow residents easy access to downtown. The project site was transferred from the City to the Ottawa County Land Bank in November 2020. Michigan Community Capital purchased the land at a reduced price of $32,000 earlier this year to encourage affordability of the neighborhood development.

“This project is a model for non-profit/governmental cooperation,” said Pat McGinnis, City Manager of City of Grand Haven. “When we all put our full toolbox into play, we can create attainable workforce housing in Ottawa County. The Brownfield Redevelopment Authority, Housing Next, Ottawa County, BlueWest Properties, Michigan Community Capital, Ottawa County Land Bank, Grand Haven Charter Township and the City of Grand Haven all put this on the front burner and made it a reality. There’s surely more to come.”

The project will cost $7.5 million over two phases. Last year, the Grand Haven Area Community Foundation approved a $1.5 million low-interest investment in MCC to encourage the creation of middle-income housing in Northwest Ottawa County.

“Solving the workforce housing crisis takes innovative thinking, and we believe this partnership with MCC is a key step to getting there,” said Hadley Streng, President of the Grand Haven Area Community Foundation. “We’ve been focused on supporting housing solutions for all income levels in our community for years, and it’s why we helped co-found Housing Next in 2017. We’re inspired by the collaboration of our partner organizations throughout Ottawa County that have brought us to this point.”

16 of the 30 homes in Robinson Landing will be in the Grand Haven Area Community Land Trust (CLT) program which is a shared-equity program allowing for lower home prices because the buyer is purchasing the home, not the land. The CLT retains ownership of the land and enters into a 99-year ground lease with the homeowner. The Grand Haven Area Community Land Trust was created by the City of Grand Haven and is managed by the Neighborhood Housing Services team.

“Neighborhood Housing Services is thrilled to be spearheading the creation of the Grand Haven Area Community Land Trust,” said Rhonda Kleyn, Neighborhood Housing Services Development Coordinator. “The organizing committee has been working for months to create an amazing program for this area. This type of shared equity homeownership program results in the purchase price being more affordable because the purchaser is only buying the home, not the land. The land will be leased from the CLT at a very low monthly cost. It’s likely the potential CLT buyers already rent or work in Grand Haven, and we are excited to work with them to purchase an affordable, newly built home. “

Homes in this program have income restrictions for buyers that target households with incomes between 60 and 80 percent of the area median income (AMI determined by Michigan State Housing Development Authority). Homes in the CLT program are priced at $139,900 for a 2-bedroom, 1-bathroom home; $159,900 for a 3-bedroom, 2-bathroom, home; and $179,900 for a 3-bedroom, 2.5-bathroom, two-story home. More detailed information about the homes offered and CLT program can be found at robinsonlandingmi.com.

The remaining 14 homes are not on a ground lease, do not have income restrictions and are considered as market-rate homes. These market-rate homes are priced at $239,900 for a 3-bedroom, 2-bathroom, ranch-style home; and $279,900 for a 3-bedroom, 2-bathroom, two-story home.

Built by The DK Design Group, all 30 homes will have identical high-quality finishes and construction that is slab-on-grade with wood-frame, stick-built framing. Stainless steel GE appliances are included in the sale price – a value of over $5,000 that includes a gas stove, dishwasher, garbage disposal, microwave, refrigerator, washer, and dryer.

Homeowners purchasing prior to the home’s construction deadline will be able to choose finishes from pre-selected options. These finish choices include cabinetry, countertops, flooring, and the exterior package with siding, stone veneer, entry door color, and asphalt shingles.

The project will be constructed in a two-phase process. The first phase will span 16 months and consist of site preparation and infrastructure to serve the entire site, as well as the construction of 15 homes. 8 of the 15 homes in the first phase will be in the Community Land Trust program. Once 75% of the homes in Phase I are sold, Phase II will begin.

BlueWest Properties, a West Michigan brokerage, is serving as the listing real estate company in the sale of the homes. Driven philanthropically to serve their community, the owner/broker has agreed to a reduced commission allowing home prices to remain low for buyers.

“The BlueWest Properties team is grateful to have been chosen to represent the City of Grand Haven’s first Community Land Trust development,” said Meghan Heritage, Owner and Broker at BlueWest Properties. “We know that affordable housing is a paramount part of a successful community, and as our company tagline states, ‘Better Real Estate for a Better Community.’ We are excited to once again put our hands to work to benefit the community.”

For more information about this project and homes offered, please visit robinsonlandingmi.com.

Michigan Community Capital (MCC) is a non-profit diversified Public Private Partnership that supports the mission 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 US Treasury certified Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE). MCC has successfully attracted federal New Market Tax Credits, supported over $900 million in project financing and helped to create over 750 housing units and over 950,000-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 Market Tax Credits and property insurance for Low Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

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