Grand Rapids, MI is about to see a major development in housing thanks to Magnus Capital Partners, a New York-based private development firm led by Vishal Arora.
The project will focus on a 226-unit housing development, otherwise known as HOM Flats. The project is envisioned to house low- to moderate-income residents. These units, starting with the first of six which is expected to be completed by summer 2020, will hope to be occupied by residents who don’t qualify for Section 8 housing due to exceeding the income limit but can’t afford more lavish market-rate apartments.
“It’s from teachers and firefighters through registered nurses at Spectrum and everyone in between,” adds Arora. “This is ultimately where we feel the need is for innovative and better-quality housing.”
Wyoming city officials seem to give positive feedback over the conversion of the Studio 28 property, which has been vacant ever since 2008. “I think it’s going to kick off the development all along 28th Street,” said Wyoming Mayor Jack Poll. “We need people, and this is certainly going to bring people to our area.”
The apartments are said to include a multitude of indoor and outdoor amenities, including a coffee shop, community room, bike storage, dog washing stations, playground, dog park, rooftop terraces, walking paths, and gardens.
Aside from providing affordable housing, State Rep. Tommy Brann added that the abundance of residents on 28th Street will be beneficial to the area business-wise. “This addresses it, and it addresses it in a classy way,” he said.
This only marks the first phase of the Magnus Capital Partners’ project since they told the city of Wyoming just last year that it was considering a total of 424 apartments on the site.
“It’s a work in progress,” said Arora. “It could change. It could be less. It could be more.”
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