WYOMING, Mich. (WOOD) — A groundbreaking ceremony was held Thursday at the former Studio 28 movie theatre property in Wyoming.
The site will be transformed into an apartment community called “HŌM Flats at 28 West.”
The main entrance will be off Prairie Parkway between Burlingame and Michael avenues. The project will cost $35 million and is expected to be completed in 18 months.
There will be 226 units across six buildings in the first phase of the project. Ninety-seven one-bedroom and 129 two-bedroom apartments will be available. There will be 320 surface parking spaces.
New York City real estate investor Vishal Arora, who is a Zeeland native, decided to take on the project after recognizing a lack of quality workforce housing in West Michigan.
“There has been a lot of development to the luxury end of the market in the last 10 years, and a number of developments on the subsidized housing side, the lower end of the spectrum income wise. But not much in the middle and so we saw that as a need,” said Arora.
Magnus Capital Partners purchased the vacant seven-acre property in October 2019, and some site development work has already begun.
Arora intends to launch the flats to cater to West Michigan workforce that has seen a little of quality housing in recent years, but still demands value.
The HŌM Flats brand strives to be a comfortable community for young professionals who are at the early stages of their career but still desire amenity-rich living.
Several indoor and outdoor amenities will be provided, including a workout facility, community room, on-site cafe, dog park, pet washing station, playground, rooftop terraces, walking path and gardens.
Pre-leasing is expected to begin in the early winter months of 2020. Occupancy is expected to commence beginning of summer 2020.