Standard Communities is making its entry into Michigan in a joint venture with River Caddis Development, participating in a public private partnership creating a ground-up affordable community in Kalamazoo.
The public private partnership includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner.
The development, River’s Edge, is capitalized at $56 million.
River’s Edge will have 228 units, with 184 affordable for those earning 60% or less of the Area Median Income (AMI.) The additional 44 units are for those with incomes under 120% of AMI. Affordability is made possible by Low Income Housing Tax Credits.
Located at 508 Harrison Street and 660 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The community will include two 4-story multifamily buildings, a 4-unit live/work building and a commercial building featuring a leasing office and such resident amenities as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail.
The property will be National Green Building Standard Silver-certified, meaning it is designed and built to achieve high performance in site design, resource efficiency, water efficiency, energy efficiency, indoor environmental quality, and operation and maintenance.
