GRAND RAPIDS, Mich. — A groundbreaking ceremony was held for a new affordable housing development in the City of Grand Rapids.
Union Suites on Coit will be a 52-unit apartment building located at Coit Avenue in the Belknap Lookout neighborhood, close to Medical Mile.
Orion Construction, which has worked on affordable housing developments in the state, broke ground Tuesday afternoon on the more than $12 million apartment project.
The 46,000-square-foot building will have a mix of one, two and three-bedroom units.
Rental rates will be determined by household income and will be restricted to individuals and families earning 30 to 80% or less of Kent County's median income.
"Buying a home right now with interest rates and just the housing market in general is causing difficulties with people of lower income bracket," said Brad Walsh, President of Orion Construction. "That's why these projects are so important. We can get them into a new home at an affordable price."
City officials say the addition is crucial for the region as recent studies estimate a need for more than 5,340 rental units by 2025.
"What I'm so excited about this project is it puts housing in our very core city," said Melinda Ysasi, 2nd Ward City Commissioner for the City of Grand Rapids. "Access to GRCC, a school across the street, medical care and jobs. People want to live in the city, but if it's getting too expensive, that's pushing people out."
Union Suites worked with the Michigan State Housing Development Authority to identify projects within the city experiencing increased rent rates.
The building is expected to be completed by August 2023.
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