Construction, Lakeshore, and Real Estate

Developers build $4.3M lakefront senior apartments

September 25, 2014
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Developers build $4.3M lakefront senior apartments
Lake Pointe Apartments in Hart, an affordable housing building, sits on Hart Lake. Courtesy Lake Michigan Financial Corp.

There was immediate demand for a $4.3-million senior apartment building that recently opened in the region.

The 25-unit Lake Pointe Apartments in Hart opened this month on Hart Lake, at 26 N. State St., Lake Michigan Financial Corporation said last week.

The affordable housing project features one- and two-bedroom apartments.

Construction began in January and finished this summer.

Firms

Joe Hollander, principal at Hollander Development Group in Portage, and Shari Simon of NewTown served as co-developers.

Oakwood Construction in Okemos served as contractor, while Jim Kurtz of Kiefer & Kurtz Architects in Kalamazoo served as designer.

Financing for the project was provided through Lake Michigan Financial Corporation in Holland, the parent company of The Bank of Holland and The Bank of Northern Michigan.

Demand

On the day that leasing opened, almost all 25 units were spoken for, said Chip Windisch, assistant VP, Lake Michigan Financial Corporation.

Windisch added that the building is a “beautiful project next to the lake and close to the downtown area.”

“I think really what sells this place is the view,” Windisch said. “It is really on the edge of Hart Lake right there, and it’s got views of the lake on both sides. It’s just an incredible site, and I think that’s why Joe and his team were so persistent about developing it, and now that it’s done, I think that’s driving the demand.”

Windisch said the banks have seen a number of senior living projects on the rise, a trend that’s been seen across West Michigan.

“We’ve seen a steady stream of demand in the market for these senior projects and for these developers to construct them,” Windisch said. “It’s been exciting to move these seniors downtown into an affordable place, give them a great view. And it’s a great project for Hart and Michigan in general.”

10-year project

The building’s lakefront location is also one of the reasons that development took such a long time.

Along with the lake, residential and commercial buildings border the site, making certain environmental issues tricky to tackle, Windisch said.

“Joe and Shari have been trying to get this project done for almost 10 years,” Windisch said. “It’s been a very long process and passion project for both of them.

“It had everything to with the time for them to gain control of the site, some environmental issues . . . then the market fell apart right in the middle of the process. When it came back, they were finally in a position to do this project.”

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