TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Annika Place, a $14.7 million affordable housing community in Traverse City. The 53-unit development will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $360 to $1,125 per month depending on the income restriction and size of the unit. The Traverse City Housing Commission is providing rental assistance vouchers for eight units. The four-story building will feature amenities such as a community room, computer center, fitness center and rooftop terrace.
In honor of the many who serve in the U.S. Coast Guard and the Coast Guard Air Station in Traverse City, Annika Place will honor the memory of Coast Guardsman Douglas Munro by featuring a special lighted flagpole and his namesake for the property’s community room. Munro lost his life at the Guadalcanal in 1942 as a result of heroic measures with his boat that saved the lives of 500 marines. He is the only Coast Guard member to receive the Medal of Honor.
Funding for Annika Place comes from Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority. Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. Huntington Bank provided both a construction loan and permanent financing.
Hooker DeJong is the project architect, Mansfield Land Consultants is the civil engineer and Sol Design + Consulting is the sustainability consultant. Woda Construction Inc. is the general contractor and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management.