Two Affordable Housing Projects In Traverse City

Roger Send is on top of the affordable housing need in the Grand Traverse region right now as owner of Cornerstone Affordable Homes in Traverse City. This spring he is busy with two multi-unit projects with an eye on dollar signs.

The first is Cedar Run Condos, a 10-unit project just under 3 miles from the intersection of West Front Street and Cedar Run Road. Work is underway on two buildings, each with five condominium units. The first building will be done in mid-June, the second in mid-July.

The condos are 784 square feet with two bedrooms and one bath, 2×6 walls for energy efficiency, natural gas, granite countertop in the kitchen, cathedral ceiling, wood floors in the kitchen and living areas. They are priced at $112,900. As of last month, two units were under contract, according to Send.

The second project is on Munson Place, just east of Northwestern Michigan College off Munson Avenue and three blocks from East Bay Park.

The project includes 14 units, three fourplexes and one duplex. Each unit is 1,140 square feet with two bedrooms and two baths. The units include wood floors in the kitchen and living areas, granite countertops in the kitchen and bath.

The first two are completed and sold – one to a single woman and one to a retired couple.

Send said there are three keys or “tricks” to these developments that make them work, for both the developer and the buyer.

First is a location either in town or convenient to town. Second is density or being able to construct enough units on the land to get the price point in an affordable range. The Munson Place development, for instance, has 14 units on just under an acre. Third are amenities, including materials that people want such as granite, wood floors and cathedral ceiling, but in a smaller footprint.

 

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