BROADWAY LOFTS SETS GRAND OPENING
Community invited to celebrate completion of development
Broadway Lofts plans to hold a grand opening celebration on Tuesday, Feb. 8.
The new-mixed-use, four-story building is located at 410 West Broadway Street and has Greentree Cooperative Grocery on the first floor of the building.
The project marks the largest new development in 40 years in downtown Mt. Pleasant. It was announced in 2019 and started construction in May of 2020. Although impacts of COVID-19 created delays and hurdles for the build, residents have been able to begin moving into the building.
“Projects like this one are never easy, and development has become even more challenging because of the pandemic,” said Marilyn Crowley, vice president of investments for Michigan Community Capital, the project developer. “Thank you to all of the contractors that worked on this project and stayed safe by following our onsite safety protocols.”
The building 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. Studio, one-bedroom, and twobedroom lofts start at $875 per month. Broadway Lofts is currently more than 37% leased and actively accepting applications.
“This project is a prime example of a public-private partnership which resulted in new investment on a vacant parcel of prime 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 multistory, 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 that 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 investment,” Mrdeza continued. “We are thrilled to welcome Broadway Lofts to the community.”
The project received wide-spread city support with a reduced sale price of the land as well as approval of a Neighborhood Enterprise Zone Abatement and a Commercial Redevelopment Abatement. Additionally, the project received state support in the form of 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).
“The Broadway Lofts project will transform vacant property into a unique and vibrant place in downtown Mt. Pleasant, while also bringing healthy food options and needed housing for area residents,” said MEDC Senior Vice President of Community Development, Michele Wildman. “At MEDC, we are committed to supporting transformative projects that help create vibrant, resilient communities, while supporting our strong economic recovery statewide. We are pleased to collaborate with Michigan Community Capital and other partners on this project, which will help make Mt. Pleasant an even more attractive place to live, work, visit, and play.”
Broadway Lofts secured a loan from National Cooperative Bank and a New Markets Tax Credit allocation from Cinnarie and PNC because of the project’s positive impact including bringing housing and healthy food access to a low-income census tract.
“The grand opening of Broadway Lofts demonstrates the positive impact that public and private partnerships can have on communities,” said Tim Salisbury, PNC regional president for mid-michigan. “PNC is committed to this region and proud to have supported this project through our Tax Credit Solutions Group’s $3.6 million New Markets Tax Credit investment.”
“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.”
The grand opening will celebrate the project as an example of how public-private partnerships can help bring community investments and access to healthy food in low-income and rural census tracts.
The grand opening event will start at 4 p.m. on Tuesday, Feb. 8. Project partners will briefly recap the project followed by a ribbon cutting and building tours. For additional event details, visit michigancommunitycapital.org/broadwaylofts. The event is open to the public and will follow protocols detailed and updated by the CDC and the local health department.