The development team behind a 171-unit, mixed-use apartment project in Grand Rapids received approval this morning from the state for a $4 million performance-based loan.
The Michigan Strategic Fund Board approved the Michigan Community Revitalization Program loan for the Horizon project, which is being developed by Pinnacle Construction Group and Sun Title Agency. The $39.4 million project in the Creston neighborhood is slated for 301 and 385 Leonard St. NE, which poses challenging site conditions including underground debris and significant grade changes that have added to the construction costs.
“(Because of) the challenging physical characteristics of the site, this project would absolutely not be possible without the support of the MEDC and MSF board and the MCRP program,” James Lewis, director of development for Pinnacle Construction, said during the MSF Board meeting. “It’s an important project to the neighborhood, to the local business district in the city of Grand Rapids.”…