Woda Cooper Cos. has started construction on a 53-unit affordable housing community in Traverse City, Michigan.
Annika Place will feature 29 one- and 24 two-bedroom apartments for residents earning between 30% and 80% of the area median income. Rental rates are projected to range from about $360 to $1,125 per month. In addition, the Traverse City Housing Commission is providing rental assistance vouchers for eight units.
“Partnering with Woda Cooper on Annika Place through a PILOT [payment in lieu of taxes] will provide opportunities for young individuals, seniors, and families who are seeking affordable living that is conveniently located near the city center,” said mayor Richard Lewis. “The City Commission continues to focus on housing and find more opportunities for affordability in our community.”
Located near Coast Guard Air Station Traverse City, the development will honor the memory of Coast Guardsman Douglas Munro by featuring a special lighted flagpole and naming of the property’s community room. Munro died during the Guadalcanal campaign on Sept. 27, 1942, when he was piloting a Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor.
“Annika Place reflects our commitment to create quality communities in Traverse City that fit the housing needs for lower- to moderate-income residents who may work in health care, retail, tourism, and service centers, and also active military such as the enlisted personnel at the Coast Guard Air Station,” said Craig Patterson, senior vice president of development at Woda Cooper Cos.
During a recent groundbreaking ceremony, company principal David Cooper explained that the property is named after his granddaughter, who was prematurely born in Traverse City while her parents were visiting the area. He shared that the name seemed a fitting tribute to the care that Annika, now a healthy 7-year-old, received at the Munson Medical Center.
Financing for the $14.7 million development includes low-income housing tax credits awarded by the Michigan State Housing Development Authority and syndicated by CREA. Huntington Bank is providing a construction loan as well as permanent financing.
Other project partners include architect Hooker DeJong, sustainability consultant Sol Design + Consulting, and Mansfield Land Consultants, which is providing civil engineering services. Woda Construction is the general contractor, and Woda Management & Real Estate will oversee leasing and property management.