Construction and Real Estate

Heritage Hill apartment complex sees $12M makeover

October 24, 2013
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Heritage Hill apartment complex sees $12M makeover
The Stuyvesant Apartments building in Grand Rapids’ Heritage Hill neighborhood was built in 1889. Courtesy Wolverine Building Group

An extensive $12-million renovation of a 124-year-old residential structure in Grand Rapids’ Heritage Hill neighborhood has begun.

Eagle Point Development, a division of Eagle Point Companies in South Portland, Maine, recently bought Stuyvesant Apartments and will invest in upgrading the multi-unit affordable housing complex, which includes 87 one- and two-bedroom units, at 401 Cherry St. SE.

The renovation

The Wolverine Building Group of Grand Rapids is managing the work: interior and exterior renovations, site improvements, installation of Energy Star-rated appliances in every apartment, new electrical, mechanical and plumbing systems, cabinets, countertops, fixtures, finishes and barrier-free units.

The project will also add a community room and a recycling center for the tenants.

When the renovation is completed next year, Eagle Point will have the Stuyvesant Apartments certified as an Enterprise Green Community.

Eagle Point Development President DJ Nelson said his company is working to enhance the quality of life of the building’s residents and the surrounding community.

Jason Barnes, Wolverine’s project manager, said the local general contractor is proud to have the opportunity to put new life into an old building.

The Stuyvesant opened in 1889 as a residence and became a multi-unit structure in 1926. The building’s 2013 taxable value is $1.2 million, according to Kent County property records.


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Financing

The renovation work is being financed by multiple entities: Founders Bank & Trust, Red Stone Equity Partners, the Michigan State Housing Development Authority, the U.S. Department of Housing and Urban Development and the city of Grand Rapids, which awarded Eagle Point Development a payment-in-lieu of taxes, or PILOT, for the project. Low-Income Housing Tax Credits are also part of the financing.

Eagle Point Development

Eagle Point Development entered the local housing market in 2004 when it purchased the Pheasant Ridge Apartments in Kentwood in 2004. The firm has other Michigan holdings in Benton Harbor, Mount Pleasant, Jackson and Port Huron.

Eagle Point Development has been buying and restoring affordable housing since 2001, and its portfolio contains more than 4,300 units in nine states.

“We expect our portfolio to grow even more as a result of our launching of Eagle Point Development, which is focused on acquiring, renovating and preserving additional multi-family affordable housing properties nationally,” said Eagle Point Companies CEO Laura Burns.

Eagle Point Companies employs 200 nationwide, with about 30 of those employees based in its home state of Maine.

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