Magnus Capital Partners to Develop $35M Affordable Housing Project in West Michigan
WYOMING, MICH. — Magnus Capital Partners is transforming the former Studio 28 movie theater on 28th Street in Wyoming near Grand Rapids into a $35 million, 226-unit affordable housing project known as HOM Flats at 28 West. Magnus purchased the seven-acre, vacant property in October and has since started site development work. Preleasing is expected to begin in winter 2020 with occupancy commencing in summer 2020. Six buildings will be constructed along with 320 surface parking spots. Amenities will include a community room, coffee shop, bike storage, dog washing stations, playground and walking paths. The project team includes Rohde Construction, Hooker DeJong Architects, Exxel Engineering and American Preferred Management. Magnus is a private development firm with experience in workforce housing. Its founder Vishal Arora is from Zeeland, a suburb of Grand Rapids. Joining Magnus as an investor in the project is InSite Capital, a division of Chemical Bank. In addition, the Michigan State Housing Development Authority has awarded the project with low-income housing tax credits.