Woda Cooper Opens 53-Unit Affordable Housing Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has opened Annika Place, a 53-unit affordable housing community in Traverse City. The $14.7 million project offers 29 one-bedroom units and 24 two-bedroom units for residents who earn 30 to 80 percent of the area median income. Rental rates range from $377 to $1,125 per month, depending on the income restriction and size of unit. The Traverse City Housing Commission will provide rental assistance for eight units to be occupied by formerly homeless residents. The four-story development features amenities such as a community kitchen, fitness center, rooftop terrace, patio, picnic table, grill, park benches and playground.

Annika Place is made possible with funding supported by 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 a construction loan and permanent financing.

The project honors the memory of U.S. Coast Guardsman Douglas Munro, who lost his life at the Guadalcanal on Sept. 27, 1942, because of heroic measures with his Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor. Annika Place’s community room is named in Munro’s memory and there is a special rock and lighted flagpole in his honor. Traverse City is home to a U.S. Coast Guard Air Station. Part of the decision to develop the project was to expand housing options for newly enlisted staff at the station.

Hooker DeJong served as the project architect. Mansfield Land Use Consultants was the civil engineer, and Sol Design + Consulting was the sustainability consultant. Woda Construction Inc. was the general contractor, and Woda Management & Real Estate oversees leasing and property management.

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