Tag: For lease

50 new residential units coming to downtown Cadillac

FOR IMMEDIATE RELEASE
April 22, 2024

LANSING, Mich. – Michigan Community Capital is proud to announce the groundbreaking of Cadillac Lofts Phase II. From the exterior, the Phase II building will mirror the existing Cadillac Lofts building that was completed in 2020. Inside, the second 37,000-square-foot building will offer 50 middle-income residential units and 1,300 square feet of commercial space.

The 50 middle-income apartments in the Phase II building will include studio, one-bedroom and two-bedroom units starting at $950/month. Resident amenities include a first-floor fitness room, interior mail/package room, onsite parking, electronic key-fob entry, security cameras, and access to full-time onsite staff. Apartment amenities include stainless steel appliances, in-unit washer/dryers, large windows, and modern finishes.

“This project expands the much-needed housing options in downtown Cadillac for middle-income professionals in the area,” said Marilyn Chrumka, vice president of development at Michigan Community Capital. “We are grateful for the steadfast support of the Cadillac Brownfield Redevelopment Authority, the City of Cadillac, and our funding partners, whose collaboration has been instrumental in bringing this vision to fruition.”

The Cadillac Brownfield Redevelopment Authority (BRA) and the City of Cadillac have been longstanding supporters of the redevelopment. To support this investment in their downtown, they approved an amendment to their brownfield plan adding housing as an eligible activity. The BRA also applied for funding from Michigan Department of Environment, Great Lakes, and Energy (EGLE) on behalf of the project. Additionally, the City will complete public infrastructure improvements adjacent to the project to create additional public parking and improve the sidewalks and streetscape.

“Housing is a critical issue in our community, and the Cadillac Lofts development is helping address it with a transformative multi-family, mixed-use downtown development,” said Marcus Peccia, city manager at the City of Cadillac. “This project will continue to stabilize and grow our base and make our community a destination for those looking to enjoy city life in a rural setting.”

With the support of Congressman Moolenaar, the project was approved for a $2.9-million Community Project Funding grant administered by the Department of Housing and Urban Development (HUD).

“As Michigan’s only member of the House Appropriations Committee, I am proud to support communities across the Second Congressional District with funding to improve our cities and towns. The Cadillac Lofts development project will help revitalize downtown, address the need for affordable housing for young professionals and families in the area, and strengthen the local economy,” said Congressman Moolenaar.

Phase I of the Cadillac Lofts project was completed in 2020, and all residential units were leased within 6 months of opening. The second phase of Cadillac Lofts completes the redevelopment of a contaminated site in the heart of downtown replacing a vacant grocery store and dry cleaners. Once complete, the two-phase, $24-million Cadillac Lofts development will have created 92 year-round, middle-income residential units and roughly 8,800 square feet of commercial space. The project has allowed other local investors to see the demand for rental housing in the city of Cadillac.

The Michigan State Housing Development Authority (MSHDA) supported the project with a $5-million Missing Middle Grant. This funding has allowed the project to create housing for households earning between 60-120% of the area median income (AMI).

“Expanding housing options for Michigan’s workforce is critical to strengthening communities and supporting local economies,” said MSHDA CEO and Executive Director Amy Hovey. “Cadillac Lofts Phase II will provide much-needed, high-quality rental housing for middle-income residents, helping to ensure they have access to safe, modern, and affordable places to live. We look forward to seeing the positive impact this development will have on the city’s downtown and its residents.”

Additional funding supporting the Cadillac Lofts Phase II development includes:

A $817,925 grant to support cleanup of existing contamination at the site from EGLE.
$2.5 million in Revitalization and Placemaking (RAP) grant funds from Michigan Economic Development Corporation (MEDC).
West Shore Bank is providing a construction loan for the project.

See available units at the Cadillac Lofts Phase I development here.

Stay tuned for updates on leasing opportunities and commercial space inquiries.

Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. michigancommunitycapital.org

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Media Contact:
Abbey Wilson, Director of Marketing & Communications
Email: media@miccap.org
Phone: 517.334.0545

dirt being moved at sawmill site — Sawmill Lofts Construction – December 2024

Expected completion in 2026 – Sawmill Lofts in downtown Grayling

FOR IMMEDIATE RELEASE
December 19, 2024

LANSING, Mich. – Michigan Community Capital (MCC) is proud to announce that construction has begun on Sawmill Lofts, an $18.3-million redevelopment project in downtown Grayling. This transformative initiative will convert contaminated and previously blighted parcels into a vibrant, five-story, mixed-use building, bringing 40 apartments and 4,000 square feet of commercial space to 102 Michigan Avenue.

The project, located on a .76-acre site, has been over six years in the making, including a pause in 2020 due to the pandemic. Despite construction costs increasing by 50% since the COVID-19 pandemic began, MCC has persevered to bring this vision to life. Construction finances closed earlier this month.

“Although projects like these are becoming increasingly more difficult, we are seeing the state and local governments really stepping up to try to support housing and downtown development,” said Marilyn Chrumka, vice president of development at MCC.

The success of Sawmill Lofts is a testament to the collaboration and support of local and state partners, including: the City of Grayling, Crawford County Brownfield Redevelopment Authority, and Crawford County Board of Commissioners. These organizations approved a 30-year brownfield plan to support middle-income housing, laying the groundwork for revitalization.

“With the addition of this new five-story, 40-unit apartment complex, we’re taking a significant step toward revitalizing our downtown while addressing the growing need for modern, affordable housing,” said Erich Podjaske, Grayling’s city manager. “This project not only increases our housing capacity but also brings new energy and vibrancy to the heart of the city, making it an even more attractive place to live, work, and visit.”

Michigan Department of Environment, Great Lakes, and Energy (EGLE) approved a $1-million grant to address contamination from previous uses such as garages and a dry cleaner.

“It is exciting to be able to participate in a project like Sawmill Lofts. This project will not only address the risks associated with environmental contamination at the site but also create much needed affordable housing for the community,” said Carrie Geyer, EGLE brownfield program manager.

The Michigan State Housing Development Authority (MSHDA) provided a $3.5 million Missing Middle Housing Program grant to create housing for individuals and families earning 60–120% of the area median income.

“Sawmill Lofts demonstrates how innovative partnerships can create much-needed housing in Michigan communities,” said Amy Hovey, MSHDA CEO and executive director. “This redevelopment will not only breathe new life into downtown Grayling but also provide quality, affordable housing for middle-income individuals and families.”

Michigan Economic Development Corporation (MEDC) approved a $6.5-million Revitalization and Placemaking Grant to support the project’s construction and community impact.

“This is an exciting time for the community of Grayling. This project has been years in the making and once complete will provide much-needed housing in the area,” said Chief Place Officer at the Michigan Economic Development Corporation, Michele Wildman. “We applaud the collective Team Michigan effort and perseverance to bring this project to fruition to ensure more families can Make it in Michigan and call Grayling home.”

West Shore Bank has facilitated construction financing.

“West Shore Bank is proud to support the Sawmill Lofts project, which reflects our commitment to investing in the growth and revitalization of Michigan communities. This is a testament to what can be achieved through collaboration and shared vision. Projects like these not only enhance the local economy but also improve the quality of life for residents and businesses alike,” said Raymond A. Biggs, president and CEO of West Shore Bank.

When complete in early 2026, Sawmill Lofts will feature a mix of studio, one-bedroom, and two-bedroom apartments, with monthly rents starting at $885. Each unit will include stainless steel kitchen appliances, large windows, and in-unit washers and dryers. The building is designed to achieve Energy Star certification, ensuring lower utility costs for residents.

The project team includes Integrated Architecture (Grand Rapids, MI) as the building designer, Triterra (Lansing, MI) overseeing environmental remediation, and Pioneer Construction as the construction manager.