501 Eastern Apartments was an infill new construction multifamily development comprising 65 housing units provided for amongst 2 4 story buildings in southeast Grand Rapids. To meet the zoning ordinance the first-floor space, which included common area amenities, office etc, was also dedicated as 6 large ground level units as live work units for small business owners or self-entrepreneurs.
CCA was brought in to partner with an established local nonprofit based group, Inner City Christian Federation (ICCF), to help them assemble a development plan that could be executed upon after they had spent nearly 10 years working on assembling multiple land parcels and trying to develop the project on their own. CCA was able to help ICCF bring this project to reality while also helping them nearly double the size of their conceptual initial plans for the project.
The 501 Eastern project was made up of two unique mixed-use, mixed-income buildings with 65 total residential rental units providing for 1BR – 3BR units, 6 of which were live work units while 4 were market rate and 61 were affordable units serving families in the 30% AMI – 60% AMI range. ICCF partnered with a local service provider whereby 17 of the 61 affordable units were dedicated to be housed by homeless youth.
CCA assembled a financially feasible development plan and was able to help secure a 9% LIHTC reservation from MSHDA for the project and ultimately secured and closed on all financing for the project in addition to assisting ICCF during the development process thru lease up, stabilization and conversion to perm financing. The project was LEED Silver certified with many high end market rate finishes and brought together housing opportunities for a uniquely wide range of families in the area.