Traverse City, December 1, 2022 – Woda Cooper Companies, Inc. held a ceremonial groundbreaking for Annika Place, a new 53-unit affordable housing community now under construction at 947 S. Garfield in Traverse City. Traverse City officials, representatives of the US Coast Guard, and other supporters attended the ceremony.
“Partnering with Woda Cooper on Annika Place through a PILOT will provide opportunities for young individuals, seniors, and families who are seeking affordable living that is conveniently located near the city center. The City Commission continues to focus on housing and find more opportunities for affordability in our community,” stated Traverse City Mayor Richard Lewis.
“We are dedicated to increasing affordable housing opportunities within the City of Traverse City. Partnering with Woda Cooper on a second PILOT within the City will serve our community well. In addition, the proximity of Annika Place to Air Station Traverse City is ideal for those serving to keep our community safe in the U.S. Coast Guard, and their families,” said City Manager Marty Colburn.
The $14.7 million Annika Place will provide 29 one-bedroom and 24 two-bedroom apartments offering affordable rental rates for residents that earn 30% to 80% area median income. Rental rates are projected to range from $360 to $1125 per month depending on the income restriction and size of the unit. Rental assistance vouchers for eight units will be provided by Traverse City Housing Commission.
Apartments in the four-story building feature accessible units with large living spaces; kitchens with ENERGY STAR appliances, including dishwashers; microwaves; washer/dryer hookups; and plenty of storage. Interiors feature attractive finishes, quality cabinetry, and luxury vinyl tile flooring. Lifestyle amenities include a community room with kitchenette, computer center, fitness center, and rooftop terrace. Other outdoor amenities include a patio, picnic tables, grills, and park benches.
In honor of the many who serve in the US Coast Guard and the Coast Guard Air Station in Traverse City, Annika Place will honor the memory of Coast Guardsman Douglas Munro by featuring a special lighted flagpole and naming of the property’s community room. Signalman First Class Munro lost his life at the Guadalcanal on September 27, 1942, as a result of heroic measures with his 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 Woda Cooper Companies’ Craig Patterson, Senior Vice President-Development.
Annika Place is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority (MSHDA). “MSHDA is proud to be a partner in creating more new affordable housing in the Traverse City area and around the state. We’re glad to have partners who are also dedicated to providing quality housing that is affordable and part of thriving communities,” said Elizabeth Rademacher, Low-Income Housing Tax Credits Allocations Manager for MSHDA.
Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. “As a long-time partner of Woda Cooper Companies, CREA is fortunate to work alongside their team to help create affordable housing communities across the country,” said Mike Boyle, SVP – Originator. “While all of our communities are unique and offer essential opportunities and services to residents, this one holds particular meaning for me. Having previously served in the military, I connect with the Traverse City community as home to the Coast Guard Air Station and am proud that Annika Place will offer affordable housing to local military families.”
Huntington National Bank provided a construction loan and also permanent financing. “There is a huge need for affordable housing across the country and in our community right here in Traverse City,” Huntington National Bank Community President Jennifer Jones said. “Huntington is dedicated to helping improve the communities in our footprint and is honored to have a part in the Annika Place project.”
Hooker DeJong is architect for Annika Place, with civil engineering by Mansfield Land Consultants and sustainability consulting by Sol Design + Consulting. Woda Construction Inc. is general contractor and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management. For more information about leasing, visit wodagroup.com or call 231-655-2980.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 16 states and a portfolio of approximately 400 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 17th among Owners in 2022.