What is the story about?
What's Happening?
A new development project named The Horizon is set to bring 171 housing units to the northeast side of Grand Rapids, Michigan. The five-story mixed-use complex will feature studio, one-bedroom, and two-bedroom apartments, along with amenities such as a coffee shop, courtyard, game room, lobby lounge, and a dog wash. The project targets residents earning between 60% and 100% of the county's area median income, with rents ranging from $1,168 for a studio to $2,200 for a two-bedroom unit. The development is supported by a $4 million performance-based loan from the Michigan Community Revitalization Program and additional financial incentives from local and state authorities.
Why It's Important?
This development is significant as it addresses the housing needs of middle-income residents in Grand Rapids, a city experiencing a housing shortage. By providing affordable housing options, the project aims to strengthen the local community and economy. The inclusion of amenities and mixed-use spaces is expected to enhance the quality of life for residents and attract more businesses to the area. The financial backing from state programs highlights the importance of public-private partnerships in tackling urban development challenges.
What's Next?
The Horizon project will proceed with construction following the approval of financial support. The development team will work to overcome site challenges, including underground debris and grade changes, to ensure the project's completion. As construction progresses, the project is expected to create jobs and stimulate economic activity in the region.
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