Michigan

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has opened an $11 million affordable housing project named Seven45 Stocking Apartments at 745 Stocking Ave. in Grand Rapids. Residents must earn between 30 and 80 percent of the area median income to qualify for the development. The 50-unit property includes three first-floor units that offer an office suite or retail storefront for residents to utilize for their work. Those spaces were leased to three entrepreneurs, including one resident that operates a beauty bar and two others that work in digital marketing and business services. Amenities include a playground, fitness center, community room and laundry facilities. There are five units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the project. Affordable housing investor CREA provided equity financing. Cedar Rapids Bank & Trust provided the first mortgage and Wells Fargo provided a construction loan. PCI Design Group was the project architect and Sol Consulting + Design served as sustainability consultant. Woda Cooper’s construction division served as the general contractor and the company’s management division will oversee leasing and day-to-day operations.

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Ruth Park, a $14.3 million affordable housing project in downtown Traverse City. The property will provide 58 units for singles, families and seniors who earn 30 to 80 percent of the area median income. Amenities include two community rooms, a fourth-floor outdoor terrace, fitness room, playground and laundry. There are six units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the new development. Affordable housing investor Marble Cliff Capital is providing equity financing and Bellwether Enterprise is providing the first mortgage. Traverse City-based Independent Bank contributed a construction loan. The project team includes architect PCI Design Group, civil engineer Mansfield Land Use Consultants and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor and the company’s management division will oversee leasing and day-to-day operations. A timeline for completion was not disclosed.