High-density apartment complex coming to former Maple Block Co. site
PETOSKEY — What is likely one of the biggest housing projects in Northern Michigan is planned for the site of the Michigan Maple Block Company at 1420 Standish Ave.
The former site of the wood products manufacturer was selected as the location of an apartment complex with approximately 200 units.
The property is around 12 acres, so the apartments will be broken up into six to seven buildings instead of one. Each building will be a three-story walkup with one to two bedroom apartments.
The project was taken on by real estate development and private equity firm Great Lakes Capital, an Indiana-based company that invests in several types of properties, including multi-family dwellings.
Great Lakes Capital became aware of the Michigan Maple Block Co. property after the Michigan Economic Development Corporation suggested it as a potential development site.
“We think there's a need for workforce housing in Northern Michigan and when this came along, we thought it was a good fit to be able to do something that fits within the community. I think repurposing an old, obsolete site is a good thing for the community as well,” said Jeff Smoke, Great Lakes Capital managing director.
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At least a portion of the apartments will have monthly rent that is priced between 80-120 percent of the area median income. For the rest of the units, the monthly rent has not been determined yet. Smoke said they would like to have as many units as possible fall into the 80-120 percent AMI range, but it will ultimately depend on the project budget.
As the plans for the development come together, Great Lakes Capital will seek incentives from MEDC and other sources, as well as tax abatements or relief in order to help fund the project and make it financially viable.
The property is about a mile from downtown Petoskey, which is one of the reasons it was slated as a potential site for workforce housing. Currently, the space is zoned industrial so Great Lakes Capital is in the process of working with the city to rezone the property to planned unit development. The surrounding area has some commercial space, but not much residential.
“A project of this magnitude doesn't come around very often. It's tailor fit to the needs we need right now. We're not the only community that needs this, it’s statewide, it's nationwide. (This project is) some affordable density in an area that's kind of lacking,” Petoskey City Planner Zach Sompels said.
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Smoke said, if everything goes smoothly, the project will break ground by late summer and the first building will be completed about 12 months later, if there are no delays. Once the first building is finished, tenants can begin to move in while the rest of the complex is constructed.
Once tenants are on-site, Great Lakes Capital can consider adding some commercial components to the complex, possibly retail or food and beverage, if there is a demand for it from residents, traffic counts and a market study.
“We try to develop a live, work, play environment. The commercial component would be built based on demand, so we need to get a tenant or two first, but that can help complement the development,” Smoke said.
The proposed apartments will have air conditioning, vinyl plank flooring, in-unit washer and dryer and will be pet friendly. Preliminary plans for the complex include pickleball courts and a dog park.
“We hear stories about workers having to drive 45 minutes to an hour away for their jobs and so we're hoping that (this project) helps attract more talent and keeps more people in Northern Michigan,” Smoke said.
The Michigan Maple Block Company was a wood products manufacturer founded in 1881. In 1903, it was purchased by Frederick J. Schmitt and remained a family business until it closed down in April 2020 due to hardship caused by the COVID-19 pandemic.
— Contact reporter Tess Ware at tware@petoskeynews.com. Follow her on Twitter, @Tess_Petoskey.
This article originally appeared on The Petoskey News-Review: Former Michigan Maple Block Co. site slated for workforce housing
