Former YWCA Building Demolished to Provide Affordable Living Options and Spur Revitalization in Downtown Flint
Cinnaire recently joined PK Development Group and Uptown Reinvestment Corp. (URC) for a hard hat tour at the Marketplace Apartment complex in Flint, MI. The former YWCA building in downtown Flint has been demolished to make room for the Marketplace Apartments, a four-story mixed use building providing 92-units of mixed-use housing. The project will also include three retail spaces. Cinnaire provided a $9.5 million Low Income Housing Tax Credit (LIHTC) investment to support the $19.5 million project.
Participants toured portions of the first- and second-floors of the north building as well as one of the townhouses.
“There has been a great deal of interest in this project and, now that it has really begun to take shape, we’re excited to provide an up-close look at our progress to-date,” said Chris Potterpin, vice president of PK Development, a family-owned, full-service real estate company based in Okemos. “This was also an opportunity to publicly thank our project investors and partners for their engagement and support in transforming this site.”
“This project is helping to revitalize downtown Flint, providing much-needed affordable living options while building a community. Marketplace Apartments is a model for community development, meeting a critical need to provide affordable housing with proximity to public transportation, healthy food options, green space and cultural opportunities. Cinnaire is grateful for the opportunity to have partnered with these mission-driven partners as an example of public-private partnerships helping make a positive impact in our communities.” – Mark McDaniel, Cinnaire president & CEO
The apartment building will include a mix of one- and two-bedroom units with modern amenities and fixtures, including central heat and air conditioning and in-unit laundry. The townhomes will have individual entrances and be a mix of two and three-bedrooms. The development will include a fitness room, community lounge, playground, tot lot, and a plaza in the center of the development with a pavilion and barbecue area.
Half of the residences will be affordable with the other half leased at market rates. The affordable- and market-rate units will be commingled throughout the complex.
“Marketplace Apartments is part of a continual effort by Uptown Reinvestment to move economic development forward in downtown Flint,” said CFO Stephanie Fenton. “One of our goals is to increase the resident population by satisfying the growing demand for downtown living in Flint.”
The site is situated two blocks south of the Flint Farmers’ Market and catty-corner from the MTA transit center. It is also within a few blocks of the Capitol Theatre, the retail corridor on Saginaw Street and the University of Michigan-Flint campus.
The project is being financed by Cinnaire, the Michigan State Housing Development Authority (MSHDA), a Community Revitalization Program grant from the Michigan Economic Development Corp., foundation grants, a conventional mortgage and developer equity.
PK Development Group, which has been delivering high-quality developments for over 25 years, specializes in affordable housing using various government financing programs, including low-income housing tax credits. PK has received six tax credit awards in Michigan over the last four application rounds and has a strong relationship with MSHDA.
If you are interested in becoming a resident of the Marketplace, please contact PK Housing and Management at 810-701-9864 or visit www.flintmarketplace.com.