PORTAGE, MI (WKZO AM/FM) – It’s always nice to be home for the holidays, but for many, finding a home, and even building new homes can be a challenge.
Studies show that housing is in short supply for most income brackets in Kalamazoo County. A new $50-million housing project in Portage has undergone major changes in the past few months, because developer John McGraw says the market keeps shifting, with market rates, construction costs, interest rates, and delivery times change daily.
The housing project is called River Caddis. It has been downsized to 180 units, and is now targeted for lower income earners, because without government subsidies, the developer says it isn’t financially feasible.
City Development Director Peter Dame agrees, calling it mind boggling to think that the biggest problem the community faces can’t be solved without subsidies.
Such subsidies are only available for lower income units, not the mixed income they had planned.
Dame says it’s a goal to have residential properties in the City Center area to create a “downtown” in the community, the one missing element has been people.
The original proposal called for a nine-building, market-rate apartment complex with a proposed 228 units across the street from Portage City Hall.
The $31 million project, proposed by River Caddis Development, LLC of East Lansing, is planned for a 10.6-acre plat of land, with two access points off Shaver Road and one off West Centre Avenue.
The Portage City Council is considering a tax break for the project, a prerequisite to seeking state and federal assistance.
The Kalamazoo County Board of Commissioners will get an update on next year’s plans to allocate money from their housing millage at their meeting Tuesday afternoon.
