$56M affordable housing development coming to Kalamazoo
KALAMAZOO, Mich. (WOOD) — A new $56 million affordable housing development is coming to Kalamazoo.
The 7.4-acre development, River's Edge, is located on two parcels of land: 508 Harrison Street and 660 Gull Road. It will have 228 units, with 184 of the units being affordable for those earning 60% or less of the area median income, a release said. The additional 44 units will be for those with incomes under 120% of the area median income.
It will include two four-story multifamily buildings, a four-unit live/work building, and a commercial building with a leasing office and amenities for residents like a fitness center, a playground and an outdoor terraced patio.
River's Edge is a joint venture between Standard Communities, River Caddis Development, the Michigan State Housing Development Authority, Kalamazoo County and the city of Kalamazoo. WNC & Associates is the equity partner.
"This northside neighborhood of Kalamazoo is undergoing an unprecedented revival with an appealing mix of businesses, shops, restaurants and affordable apartments. The area is being transformed from an industrial and commercial district into a residential, live-work-play community within walking distance from downtown Kalamazoo," Robert Koerner, chief investment officer at Standard Communities, said in a release.
Standard Communities said it will be National Green Building Standard Silver-certified. The release said it will be designed and built to achieve high performance in the design as well as recourse, water and energy efficiency, indoor environmental quality, and operation and maintenance.
