On July 16th, 2019 local stakeholders and media were given a Hard Hat Tour for a first look at the old site of the YWCA. 301 E. Third Street between Stevens and Wallenberg streets will now be home to The Marketplace Apartment Complex. The new $19.5 million complex is a 75-unit apartment complex with 4,600 square feet of commercial space and 17 townhouses.
Amenities will include a fitness center, a community center, a gazebo with a barbecue area and a playground. The units will feature stainless steel appliances, and in-unit washers and dryers. The apartments will have balconies and the townhouses will have porches. All units available for move-in by Jan 2020. It is predicted to be a mix of married couples, young professionals, college students, and families. Rent will range from $550- $1200, depending on the size of the space and renter’s income. Businesses have the opportunity to lease one of the approximately 1,500-square-foot commercial spas located below the apartments.
The project is being financed with Tax Credits allocated by the Michigan State Housing Development Authority as well as a grant from a Community Revitalization Program from the Michigan Economic Development Corp. It is also funded by a foundation grant, conventional mortgage and developer equity.
Check out some of the news coverage of the hard hat tour:
(FLINT, Mich. – July 16, 2019) Today, PK Companies and Uptown Reinvestment
Corp. (URC) hosted a Hard Hat Tour for local dignitaries and media to provide a
first-hand look at the redevelopment project underway on the site of the former
YWCA building.
The Marketplace Apartment complex – bounded by east 3rd,
Wallenberg, Stevens and east 4th streets – will be a four-story
mixed-use apartment building on the north end of the block, townhomes on the
southern end, and parking in the middle of the block. The apartment building
will also feature three retail spaces (a total of 4,600 square feet) on the corner
of Wallenberg and 3rd. The $19.5-million project is slated for
completion by January 2020.
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 Companies, a family-owned real estate firm 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.”
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 and a plaza in the center of the
development with a pavilion and barbecue area.
The project will feature a total of 92 units, with half of
the residences provided as an affordable living option to the community.
“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 with tax credits allocated by
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.
“This
project is helping to revitalize downtown Flint, providing much-needed
affordable living options while building a community,” said Mark McDaniel,
Cinnaire president & CEO. “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.”
PK Companies creates and manages multifamily housing and
commercial properties through community partnerships that enrich the lives of
residents and neighborhoods. PK has been delivering high-quality developments
for over 25 years and specializes in affordable housing using various
government financing programs. PK has received six housing tax credit awards in
Michigan over the last four application rounds.
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.
The Michigan Strategic Fund Board approved a $7 million loan to support a $19.5 million project that will bring housing and retail to the former YWCA site. The building will house 92 residences and four retail spaces, as a four-story building known as the Flint Market Place Apartments project.
The projected completion date is projected to be completed by the fall of 2019. The idea behind the building is to get more affordable housing, to get more people living downtown.
Apartments will include one and two-bedroom units, where the townhomes will have individual entrances and have two and three bedrooms.
After maintenance became too time-consuming the WCA moved to the nearby Phoenix Building on Saginaw Street in 2016.
