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101 S. Division - Apartment renovation

GRDadof3

By GRDadof3
in Grand Rapids

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joeDowntown Metropolis

joeDowntown

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This is very exciting. This building is in my top five. I have always loved the brickwork and I am really hoping this project will get off the ground. This building has been beat up, abused, fixed by the city due to neglect, etc. It needs someone to come in and give it some love! :)

They used to have a lot of "raves" there in the early nineties. At one event, people were dancing and the whole floor in the room dropped 2 feet from the weight. Of course everyone was too drunk (or other) to make a big deal of it and they kept dancing. :)

Joe

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  • 1 month later...
GRDadof3 Ecumenopolis

GRDadof3

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More movement on this project. The city commission will take a look at a "Payment In Lieu of Taxes" (PILOT) request on Tuesday, which it sounds like is an exemption from all property taxes for a period of 15 years. In order to qualify, the project must be deemed "low income" as determined by the State of Michigan. It looks like the project will also receive Low Income Housing Tax Credits, Federal and State Historic Tax Credits, and Brownfield Tax Credits (all to make the project viable). This is much like the Metropolitan Park Apts project.

Some more details:

The proposed project is a three story structure located at 101 South Division Avenue, and is

within The Avenue of the Arts Cool Cities Neighborhood designated by the State of Michigan.

The development will provide for residential and commercial uses with 21 apartments and

approximately 4,700 square feet of commercial space on the first floor. Residential unit

amenities will include 10 foot ceilings, bamboo flooring in living areas, ceramic tile in the

kitchen and bath areas and in-unit washers and dryers. These amenities are very similar to

those offered at the Metropolitan Park Apartments at 350 Ionia Avenue SW developed by

Brookstone Capital, LLC. The project also includes underground on-site parking.

All 21 units would be rented under the rent and income restrictions of the Low Income Housing

Tax Credit (LIHTC) Program. A summary of the units follows:

Number of Units Unit Type Average Unit Size Projected Monthly Rent

(including utility allowances)

13 One Bedroom 600 square feet $697.00

8 Two Bedroom 900 square feet $837.00

http://www.ci.grand-rapids.mi.us/download_...e3d76d416af.pdf

A HUGE boost for that area if this comes to fruition. Underground on-site parking for that area is also a big plus.

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GRDadof3 Ecumenopolis

GRDadof3

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Actually have an update on this project. 101 S. Division was chosen #11 out of 22 entries in the MSHDA's lottery drawing held earlier this month. Not a great number. How it works is:

) The projects all submit their applications and their own self-rating

) A lottery is held, because there are way more requests than funding available (about 3 to 1)

) MSHDA starts at the #1 pick and reviews the application to determine if the project meets the standards, and decides on whether to award the Low Income Housing Tax Credits

) They then move on down the list deducting the amount awarded from their budget.

) As I read the applications, if all the first 10 applicants meet the standards, the budget would run out about #4 or #5. <_<

There will be several more funding rounds later this year apparently, and the MSHDA review won't be done for a few months according to a MSHDA spokesperson.

Credit available for January round

January applicants

January Drawing Results

101 S. Division is seeking $527,609 in LIHTC for this project.

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rnr-plnr Unincorporated Area

rnr-plnr

Posted
Posted
Actually have an update on this project. 101 S. Division was chosen #11 out of 22 entries in the MSHDA's lottery drawing held earlier this month. Not a great number. How it works is:

) The projects all submit their applications and their own self-rating

) A lottery is held, because there are way more requests than funding available (about 3 to 1)

) MSHDA starts at the #1 pick and reviews the application to determine if the project meets the standards, and decides on whether to award the Low Income Housing Tax Credits

) They then move on down the list deducting the amount awarded from their budget.

) As I read the applications, if all the first 10 applicants meet the standards, the budget would run out about #4 or #5. <_<

101 S. Division is seeking $527,609 in LIHTC for this project.

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cheshireguy Whistle-Stop

cheshireguy

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If this topic already has a thread, feel free to bump it over...

A couple weeks ago I walked through the 101 S. Division building, corner of Division and Oakes - I was threre to formulate a estimate/bid on the renovation planned here. Apparentely (and according to the blueprints on my desk) they are planning on building apartments/lofts with some ground floor retail/commercial area. The second and third floors will be all liveable units, a total of about 23 places (most being 2-bedrooms). I took some pics during the walk-through. What a shell! It looks like there were about 30 or so years' worth of squatting done here - I nearly fell through the floor on the second level.

IMG_0997.jpg

Exterior of Building

IMG_0983.jpg

Main area walking in (first floor)

IMG_0987.jpg

Graffiti well done

IMG_0995.jpg

old courtyard

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grbrit Whistle-Stop

grbrit

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The photos are great! I love to see things that have been hidden from the majority of society for lengthy periods. Almost like a time capsule. Thanks for sharing.

Just for the record, that isn't my tag running vertically down the bottom of the pillar in the third photo ;)

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