HO̅M Flats appeals with amenity-rich living at Studio 28 site
Posted: October 26, 2020
WYOMING, Mich. (WOOD) — A year after breaking ground, a $35 million housing development taking shape on the former site of Studio 28 is entering a new stage.
HO̅M Flats at 28 West started phase two of construction this week. Builders will add 160 more apartments, an indoor dog park, game room, art studio and an indoor-outdoor children’s play area to the seven-acre site.
ANSWERING ‘MISSING MIDDLE’ DEMAND
HO̅M Flats is the first major housing development in downtown Wyoming in recent years. Developer Magnus Capital Partners says the project is aimed at addressing growing demand for “missing middle” housing.
“Over time, we’ve seen as rent goes up, income stays the same for people. So essentially that creates a middle that’s not being addressed,” explained marketing coordinator Dominic Raona. “We want to find that home for them that they can afford and live comfortably with things that the housing crisis is kind of taking away from them.”
A recent report by Self Financial concluded apartment prices in the Grand Rapids rose nearly 40% over the past decade. The city’s growing population helped drive up housing costs, Colliers West Michigan told News 8.
Jenna Morton, director of marketing and business development for Magnus Capital Partners, says the COVID-19 pandemic has only increased the need for middle market housing.
“You know, a lot of people losing their jobs, or you know losing hours, getting evicted from their places. We have an affordable price range for those individuals that maybe were paying market price before,” she said.
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