Yesterday Cinnaire joined Michigan Community Capital, the City of Mt. Pleasant, community leaders, and project partners to celebrate the grand opening for Broadway Lofts, a new mixed-use, four-story building. The project marks the largest development in downtown Mt. Pleasant in 40 years. Cinnaire provided an $11 million New Markets Tax Credit (NMTC) investment to support the $16.1 million project. Additional financing partners include Michigan Community Capital, PNC Bank, and National Cooperative Bank.
“Our team is proud to collaborate with the many partners that brought this project to life,” said Mark McDaniel, Cinnaire President and CEO. “Broadway Lofts highlights the meaningful impact created by bringing public and private resources together to support transformative community projects. The New Markets Tax Credit continues to be an effective tool driving capital to disinvested neighborhoods and providing affordable housing and economic development to communities that need it most.”
Broadway Lofts is designed to be a long-term investment into the fabric of the downtown. It has 48 energy-efficient apartments with modern finishes including large windows, stainless appliances, quartz countertops, in-unit washers and dryers, and tile backsplashes. The development features studio, one-bedroom, and two-bedroom lofts.
“This project is a prime example of a public-private partnership which resulted in new investment on a vacant parcel of important commercial real estate in our downtown,” said William R. Mrdeza, community services and economic development director for the City of Mt. Pleasant. “Development of the site has been a priority for the City since at least 2006 when the adjacent historic Borden Creamery building was renovated to house City Hall. Since that time, the City’s vision for the site was a multi-story, mixed-use building, and we finally found the perfect partner in Michigan Community Capital that allowed us to make that vision a reality. We anticipate this development, along with its residents and local co-op grocery store, will bring additional vibrancy to our downtown and will be a catalyst for additional development. We are thrilled to welcome Broadway Lofts to the community!”
Occupying approximately 10,000 square-feet on the first floor is Green Tree Co-Op Market. The new larger space will allow Green Tree to reach more shoppers and expand their services that include a discount program and enhanced membership for Bridge Card and SNAP participants, serve more senior residents, and provide educational programming around healthy food.
The project received widespread city support including a Neighborhood Enterprise Zone Abatement and a Commercial Redevelopment Abatement. Additionally, the project received a low-interest loan from the Michigan Economic Development Corporation (MEDC) and grant funding from the Michigan Department of Environment, Great Lakes, and Energy (EGLE).