Firm building apartment complex at lakeshore
A three-phase apartment complex is underway at the lakeshore.
Phase one of Lake View Lofts in downtown Muskegon, at 351 W. Western Ave., was over three years in the making, said co-developer Joshua Canale.
“It took a long time to get everything in line because of some pretty complicated financing,” Canale said.
Canale and his business partner Chris Benedict are the members of Great Lakes Development Group, the entity behind the project.
“We wanted to create a catalyst project that could show the type of new projects that would be good for downtown Muskegon — fill some of the holes on Western Avenue and create an urban core,” Canale said.
Grand Rapids-based Architect at Large is the architect on the project.
Muskegon-based Clifford Buck Construction Company is the project’s general contractor.
Canale said the original plan was for one big building, but the developers later decided three separate buildings would make it easier to secure financing.
The $7.2-million project is being financed from multiple sources: a $500,000 loan from the City of Muskegon; $1.5 million in loans from the Community Foundation for Muskegon County; $1.5 million in low-interest loans from the Michigan Economic Development Corporation; and just over $2.6 million from Muskegon-based Community Shores Bank.
The rest is financed through private funds, Canale said.
Canale predicted phased one should be finished in December. The six-story building will feature 3,300 square feet of ground-floor commercial space and 20 apartments on the remaining floors.
Twelve units will be have two bedrooms and two bathrooms, and the remaining eight units will have two bedrooms and one bathroom. All units will come equipped with a washer and dryer and a private balcony.
Canale added Great Lakes Development Group has secured a short-term agreement with the neighboring Culinary Institute of Michigan in Muskegon to utilize 20 parking spaces in a shared lot for tenants, and it is also working with the City of Muskegon for a more permanent parking solution.
Phase two will mirror phase one in every way, except for the possibility of a rooftop restaurant, Canale said. The two buildings will also be connected internally. Canale said if securing leases and financing goes smoothly, construction could begin as early as this fall.
A construction date has not been set for phase three of Lake View Lofts, and Canale said phase two would have to be substantially underway before a foreseeable groundbreaking. The third building will be similar in size.