CADILLAC — Michigan Community Capital has announced the groundbreaking of Cadillac Lofts Phase II, a $24-million project that will provide 50 middle-income residential units and 1,300 square feet of commercial space.
According to an April 22 news release, from the exterior, the Phase II building will mirror the existing Cadillac Lofts building that was completed in 2020. Inside, the second 37,000-square-foot building will offer 50 middle-income residential units and 1,300 square feet of commercial space.
The 50 middle-income apartments in the Phase II building will include studio, one-bedroom and two-bedroom units starting at $950/month. Resident amenities include a first-floor fitness room, an interior mail/package room, onsite parking, electronic key-fob entry, security cameras and access to full-time onsite staff. Apartment amenities include stainless steel appliances, in-unit washer/dryers, large windows, and modern finishes.
“This project expands the much-needed housing options in downtown Cadillac for middle-income professionals in the area,” said Marilyn Chrumka, vice president of development at Michigan Community Capital. “We are grateful for the steadfast support of the Cadillac Brownfield Redevelopment Authority, the City of Cadillac, and our funding partners, whose collaboration has been instrumental in bringing this vision to fruition.”
The Cadillac Brownfield Redevelopment Authority (BRA) and the City of Cadillac have been longstanding supporters of the redevelopment. To support this investment in their downtown, they approved an amendment to their brownfield plan, adding housing as an eligible activity. The BRA also applied for funding from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) on behalf of the project. Additionally, the City will complete public infrastructure improvements adjacent to the project to create additional public parking and improve the sidewalks and streetscape.
“Housing is a critical issue in our community, and the Cadillac Lofts development is helping address it with a transformative multi-family, mixed-use downtown development,” said Marcus Peccia, city manager at the City of Cadillac. “This project will continue to stabilize and grow our base and make our community a destination for those looking to enjoy city life in a rural setting.”
With the support of Congressman Moolenaar, the project was approved for a $2.9-million Community Project Funding grant administered by the Department of Housing and Urban Development (HUD).
“As Michigan’s only member of the House Appropriations Committee, I am proud to support communities across the Second Congressional District with funding to improve our cities and towns. The Cadillac Lofts development project will help revitalize downtown, address the need for affordable housing for young professionals and families in the area, and strengthen the local economy,” said Congressman Moolenaar.
Phase I of the Cadillac Lofts project was completed in 2020, and all residential units were leased within 6 months of opening. The second phase of Cadillac Lofts completes the redevelopment of a contaminated site in the heart of downtown, replacing a vacant grocery store and dry cleaners. Once complete, the two-phase, $24-million Cadillac Lofts development will have created 92 year-round, middle-income residential units and roughly 8,800 square feet of commercial space. The project has allowed other local investors to see the demand for rental housing in the city of Cadillac.
The Michigan State Housing Development Authority (MSHDA) supported the project with a $5-million Missing Middle Grant. This funding has allowed the project to create housing for households earning between 60-120% of the area median income (AMI).
“Expanding housing options for Michigan’s workforce is critical to strengthening communities and supporting local economies,” said MSHDA CEO and Executive Director Amy Hovey. “Cadillac Lofts Phase II will provide much-needed, high-quality rental housing for middle-income residents, helping to ensure they have access to safe, modern, and affordable places to live. We look forward to seeing the positive impact this development will have on the city’s downtown and its residents.”
Additional funding supporting the Cadillac Lofts Phase II development includes:
- A $817,925 grant to support the cleanup of existing contamination at the site from EGLE
- $2.5 million in Revitalization and Placemaking (RAP) grant funds from Michigan Economic Development Corporation (MEDC)
- West Shore Bank is providing a construction loan for the project
See available units at the Cadillac Lofts Phase I development here.
Stay tuned for updates on leasing opportunities and commercial space inquiries.
