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Sign in Sign up for a FREE subscriptionStandard Communities JV creating ground-up affordable community in Kalamazoo, Mich.
Standard Communities, in a joint venture with River Caddis Development participating in a public-private partnership, is creating a ground-up affordable community in Kalamazoo, Mich.
The public-private partnership includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner.
The development, River’s Edge, is capitalized at $56 million.
"Our first investment in Michigan, the development of River’s Edge in Kalamazoo, is a significant step forward in our mission to create vibrant, sustainable communities that provide high-quality affordable housing for families,” said Jeffrey Jaeger, co-founder and principal at Standard Communities. “The collaboration with our public and private partners is instrumental in making this a reality, and we look forward to expanding our work in Michigan.”
River’s Edge will have 228 units, with 184 affordable for those earning 60 perce
