Developer plans $7.4M affordable housing building
A developer is planning a $7.4-million apartment building in town with a mix of affordable housing and market-rate units, as well as retail.
The Grand Rapids Planning Commission approved a request last week from Grand Rapids-based Third Coast Development to tear down a house and garage on the corner of Leonard Street NW and Alpine Avenue NW.
The space will be used to provide 20 parking spaces to help meet the requirements for the proposed apartment building at 750-754 Leonard St. NW, which in preliminary plans would have 3,000 square feet of retail and 36 residential units, according to city documents.
The documents also say Third Coast is the preliminary steps of submitting plans for Low Income Housing Tax Credits for the development.
Max Benedict, principal at Third Coast Development, said the project’s timeline is dependent on the approval of low-income tax credits.
He said 28 of the units would be affordable housing units, and eight of the units would be market-rate units.
Third Coast projects
Third Coast Development has worked on several developments along the city's Michigan Street corridor, including recently finishing a Hampton Inn Suites Hotel at the Mid-Towne Village. Two small apartment buildings are also under construction at that site.
Third Coast is also working on a 150 unit, mixed-income housing project at Michigan Street NE and Diamond Avenue NE at the site of Proos Manufacturing. The development will also have a retail component, including likely a grocery store.