Construction and Real Estate

Residential complex undergoes $21.3M renovation

June 29, 2016
| By Pat Evans |
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Stonebrook Townhomes
Stonebrook Townhomes recently underwent more than $21 million in renovations. Photo via fb.com

Renovation of a 22-townhome development just east of downtown is complete.

Stonebrook Townhomes recently finished work on $21.3-million upgrade that will feature 150 affordable and market rate apartments.

Developers will host a ribbon cutting and open house from 11:30 a.m.-1:30 p.m., Thursday, June 30, at 1880 Stonebrook Drive SE, approximately three miles east of downtown Grand Rapids.

The residential site’s renovation and rehabilitation covers 173,590 square feet split into 102 two-bedroom and 48 three-bedroom units in 22 townhome-style buildings, according to a release.

Rental rates are dependent on a person’s income.

Amenities include a clubhouse, swimming pool, playgrounds, balconies, basements, washers and dryers, and energy-efficient appliances and plumbing fixtures.

The development team consists of Ginosko Development, KMG Prestige, Hooker DeJong and DePadua Construction.

Funding for the project included housing tax credits from Cinnaire, while the Michigan State Housing Development Authority provided HOME funds, preservation grants and tax-exempt bonds.

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