The renovation of Stonebrook Townhomes (Phase I & II) is now complete. Last week, the development team including Ginosko Development Company (GDC), KMG Prestige, Hooker DeJong, DePadua Construction, Cinnaire and the Michigan State Housing Development Authority (MSHDA) joined local elected officials, including Mayor Rosalynn Bliss, to celebrate the open house.
Stonebrook Townhomes is a 150-unit development that recently underwent a $20 million renovation. Cinnaire invested $4.3 million in equity through affordable housing tax credits, Ginosko invested $2.8 million and MSHDA provided HOME funds, Preservation funds and a loan through issuance of tax exempt bonds. The rehabilitation included a mixture of market rate and affordable units, including 102 units for households at or below 60% of area median income.
The renovation of the 22 townhome style buildings included complete remodeling of unit interiors, with new appliances, kitchens, flooring, energy-efficient HVAC and lighting and other upgrades. Exterior improvements included repaving, site lighting, roofing, siding, signage, pool upgrades, new playgrounds and more.
“Cinnaire is thrilled to partner with Ginosko Development on the renovations at Stonebrook Townhomes,” said Mark McDaniel, Cinnaire President & CEO. “As usual, Ginosko has performed a top-notch renovation, providing the residents at Stonebrook with beautiful new apartments they can call home. This development represents a significant investment and revitalization for this neighborhood and the city of Grand Rapids.”
Amin Irving, Ginosko President & CEO, agrees, stating “Stonebrook Townhomes demonstrates how private-public partnerships between MSHDA, developers and the community can enhance neighborhoods and change lives through the strength of a mixed-income apartment community. Ginosko Development Company is proud to be a part of the Grand Rapids community.”
“I am confident this project will serve as a catalyst for economic development in the surrounding community,” MSHDA Executive Director Kevin Elsenheimer said. “We look forward to seeing how opening doors to affordable housing in Grand Rapids will contribute to a better quality of life for local residents.”
“Access to affordable housing is critical to our city’s vitality,” Mayor Rosalynn Bliss said. “These homes are important as we work to strengthen and enhance affordable housing options in our community.”
Contact: Jennifer Calery
517-896-0873
jen@altmgmtsolutions.com
All photo’s courtesy of Kalaina Sullivan. For the complete gallery, please click here.
