Features

Description

eo and Alpine (Leo & Al) is a mixed-income, mixed-use development located in the West Grand Neighborhood in Grand Rapids, Michigan. The development is partnership between Third Coast Development, LLC and PK Development, LLC and was supported by Michigan Community Capital with a construction and permanent loan in 2018.The project involved demolition and clean-up of a former underutilized brownfield site on Leonard Street NW; a key corridor in Grand Rapids. A newly constructed 30,802-square-foot, four-story, mixed-use building was constructed on the site, and includes 36 new apartments and 2,200 square feet of retail space on the first floor. The project was financed with a combination of loans from Michigan Community Capital, Low-Income Housing Tax Credit (LIHTC) equity, sponsor equity and deferred developer fees. A 4% LIHTC was leveraged to allow the development to offer a mix of rental rates, including three units priced for 30% Area Median Income (AMI), 12 priced at 40% AMI, 13 units priced at 80% AMI, and the remaining 8 units offered at market-rate. Parking is integrated into the rear of the first floor and the site is served by public transit with a bus stop across the street.