By: Deborah Johnson Wood
Lighthouse Communities plans to break ground this fall on a $5 million project to transform a 100-year-old factory into 21 affordable loft apartments. The renovation of 1363 Grandville Avenue will include redesigning an attached garage into 2,500 square feet of commercial space.
The apartments are large two- and three-bedroom units; the largest of them is about 1,700 square feet.
"These will be true lofts, with 14-foot and 16-foot ceilings, an industrial feel, and a very open floor plan," says Dave Allen, executive director of Lighthouse Communities.
Other features include plenty of natural light, exposed interior brick walls, and exposed ductwork.
Lease rates run from $570 a month for a two-bedroom unit to $700 a month for a three-bedroom.
The building used to be the Hekman Biscuit Company, which became the Keebler Bakery.
"Keebler was born in this building. We haven't actually found the Keebler Elf Tree yet, though," Allen says with a laugh.
On a more serious note, Allen added that the size and location of the property makes it a valuable project in the Grandville Avenue corridor.
"I have seen projects like this really serve as a catalyst for market rate development," he says, "and the Grandville Corridor is really a hot corridor right now.
The City of Grand Rapids awarded the project $375,000 in Home Funds. A state low-income housing tax credit of about $4 million is expected.
Allen hopes to break ground this fall and complete the renovation by summer of 2008.
Source: Dave Allen, Lighthouse Communities
Photograph by Brian Kelly
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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