Multifamily
Division Street Commons
Genesis Housing Partners · Grand Rapids, MI
- Sector
- Multifamily
- Size
- 141,000 sq ft
- Value
- $34M
- Duration
- 21 months
- Delivery
- Design-Bid-Build
- Architect
- Nederveld
118 affordable apartments delivered under a LIHTC schedule where missing a placed-in-service date would have cost the credits.
Low-income housing tax credits come with a placed-in-service deadline. Miss it and the financing does not get more expensive, it disappears.
What we refused to value-engineer
When pricing pressure arrived at month nine, the obvious savings were the courtyard and the community room. We took the reduction out of the parking structure and the unit finishes instead. The shared spaces are the reason people stay in a building like this, and cutting them saves money on a spreadsheet and costs it in turnover.
